Tagomi, an institutional investor-focused crypto brokerage backed by Peter Thiel, received approval to do business in New York on Wednesday with a BitLicense from the Department of Financial Services.

Following a roughly seven months-long application process, the New Jersey-based firm will now be able to work with institutional clients based in the world’s financial center—making it the 18th company to receive a BitLicense, a permit which allows companies to buy and sell virtual currency for customers in New York.

“The number of clients that opens up in New York is quite a substantial opportunity,” said Greg Tusar, Tagomi’s co-founder and CEO, who was formerly global head of electronic trading at Goldman Sachs. “We definitely have a backlog of clients that we would like to onboard that we were waiting for this approval to move forward with.”

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Source: http://fortune.com/2019/03/27/bitcoin-peter-thiel-tagomi-bitlicense/