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Everex US receives Money Service Business license for crypto-to-fiat exchange

Arijit Sarkar

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U.S. government eases crypto-grip, issued Money Service Business license to Everex
Source: obamawhitehouse.archives.gov

Beating the general narrative of crypto resistance from the U.S. government, Everex, the payments and trading platform just announced the issuance of “full Money Transmitter (MSB) License” from the New Jersey Department of Banking and Insurance. The information was brought to light through Everex official Twitter handle, which read,

“We’re excited to announce that New Jersey Department of Banking and Insurance issued to Everex US a full Money Transmitter License to conduct crypto-to-fiat exchange and other activities 👏”

The MSB license permits the company to conduct several crypto-related activities including crypto-Fiat exchange for P2P as well as U.S. based exchanges including Coinbase and Kraken. It will also enable Everex to provide blockchain-based domestic as well as cross-border payments. In  addition, the official post read,

“This license gives Everex full capacity to test its solutions in the US market with the above-mentioned use cases.”

The announcement also highlighted that “Everex is looking to provide comprehensive solution for the same day settlements using fiat pegged stablecoins of different currencies for individual and business users.” As of now, the platform supports MakerDao’s DAI token, a Thai Baht stable token named THBEX and its in-house token EVX.

Given the near-monopoly gained by Everex in the U.S. market, investors are now open to find the perfect investment opportunity on EVX as speculations around the crypto’s broader use cases are gaining limelight.

Arijit is a full-time journalist at AMBCrypto, who focuses on the XRP and Ethereum ecosystem. Leveraging over three years of experience in media and Majoring in Computer Science, he covers the technical developments in the crypto ecosystem