Blockchain
Cumberland Trading Firm Receives New York Crypto License
Cumberland DRW Receives BitLicense from NYDFS
Cumberland DRW, a digital asset trader and liquidity provider, has been granted a virtual currency license, commonly known as the ‘BitLicense,’ by the New York State Department of Financial Services (NYDFS).
This achievement signifies that Cumberland meets the stringent legal requirements and is among the select few major trading firms to hold this permit in New York.
Enhancing Trading Relationships in New York
With the BitLicense, Cumberland can now establish robust trading relationships with institutional counterparts in New York, a key financial hub. “We are pleased that the New York State Department of Financial Services has issued a BitLicense to Cumberland New York,” stated a company representative on their official X account.
In a social media post, the company highlighted its unique market position and readiness to enhance trading operations.
Understanding the BitLicense
Introduced by the NYDFS in 2015, the BitLicense is mandatory for companies engaged in cryptocurrency business in New York. It was designed to protect consumers and maintain financial market integrity, though some critics argue it stifles innovation.
Crypto Regulation in New York
Cumberland’s BitLicense approval comes amid scrutiny of New York’s regulatory framework. Recent audits of the NYDFS’s oversight of BitLicense holders have revealed deficiencies, such as outdated information and slow application processing. These findings have prompted calls for improved regulatory measures to better supervise the growing crypto market.
Trend Towards Regulatory Compliance
Cumberland’s acquisition of the BitLicense aligns with a broader trend of crypto exchanges and trading firms securing licenses across various jurisdictions. For example, VALR, South Africa’s largest crypto exchange, recently received approval in Poland to operate internationally. Additionally, VALR obtained dual-category licenses from South Africa’s Financial Sector Conduct Authority (FSCA), marking a significant step in integrating cryptocurrency with traditional finance.
This trend towards obtaining licenses indicates an increased focus on compliance and security in the global crypto space, signaling the industry’s growth and readiness for adoption by institutional investors.
Source: coingape.com
The post Cumberland Trading Firm Receives New York Crypto License appeared first on HIPTHER Alerts.
Finfare Connect, a market-leading rewards platform empowering businesses to engage and retain customers through personalized offers, has announced an innovative collaboration with ZBD, a leading payments company at the forefront of digital economies.
Finfare Connect is a part of Finfare Inc., a thriving fintech company with offices in Irvine, California and London.
Through this strategic alliance, Finfare will provide ZBD users with access to affiliate, card-linked, and instant cashback offers, enabling them to earn Bitcoin through everyday purchases, above and beyond those already earned via the ZBD app.
Beginning today, ZBD users will have the option to link their payment card or multiple payment accounts to start automatically earning rewards while shopping online or at in-person stores. Card linking involves connecting a single payment card, while account linking occurs when a user connects multiple bank accounts to earn highly customized rewards.
In terms of rewards, ZBD users who sign up for the program will have access to offers from thousands of well-known brands such as Nike, Adidas, Asics, Crocs, Tommy Hilfiger, Urban Outfitters, Cole Haan, Steve Madden; and popular retailers such as Nordstrom, Brookstone and Best Buy, among many others.
ZBD’s innovative app immerses users in a world of games and apps, allowing them to earn Bitcoin while enjoying diverse entertainment experiences.
Now, US-based ZBD users will be able to seamlessly earn Bitcoin through their everyday purchases simply by linking their payment accounts via the ZBD app. Then, they will automatically earn Bitcoin whenever they purchase an item that’s promoted by FinFare.
“We are thrilled to launch this exciting offering with ZBD,” said Alan Zrado, Executive Vice President, Finfare Connect. “Through this alliance, we are enhancing the way ZBD users engage with digital payments, offering them unparalleled opportunities to earn Bitcoin through their everyday transactions. This partnership also underscores our commitment to empowering businesses by providing their customers with compelling, customized, and valued rewards.”
“We are excited to join forces with Finfare Connect to give ZBD users greater value by giving them more ways to easily earn Bitcoin rewards,” said Ben Cousens, Chief Strategy Officer of ZBD. “By combining Finfare Connect’s expertise in personalized offers with ZBD’s cutting-edge payments technology, we are providing our users with a great way to earn Bitcoin by shopping as they normally would anyway.”
The post ZBD and Finfare partner to offer gamers cash rewards for their everyday purchases! appeared first on HIPTHER Alerts.
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