BlockFi crypto lending company has announced that it received a money transmission license (MTL) in Washington. According to a Cointelegraph report, the company made the announcement in an email, yesterday.
The MTL means that BlockFi is now the first crypto firm that is fully authorized to allow residents of Washington state to access interest-bearing crypto accounts. In addition to these accounts, said residents will also be able to trade digital assets on its trading platform which was unveiled sometime last week.
BlockFi before now could only offer crypto loan products to Washington residents as it only had a consumer lending license. The company now plans to offer a fiat on and off-ramp feature.
Speaking on the new features, BlockFi founder and CEO Zac Prince has suggested that the company is focused on expanding the cryptosphere as much as possible. Prince said:
“[The] growth of the crypto market overall benefits the entire industry and we’re excited to shift our focus in that direction, in addition to adding products and features that expand the value proposition for our existing clients.”
Back in August, BlockFi raised $18.3 million in a Series A funding that was led by Peter Thiel’s Valar Ventures and also had participation from Morgan Creek Digital, Winklevoss Capital and Akuna Capital.
In March, the company launched its crypto accounts with support for both Bitcoin (BTC) and Ethereum (ETH), bearing 6% annual interest paid monthly in crypto.
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