Forte’s PTI gets financial transaction licenses for blockchain games
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Forte said that its Provenance Technologies (PTI) division has received important regulatory licenses to enable blockchain gaming transactions around the world.
The division has received both a Money Transmitter License and BitLicense from the New York State Department of Financial Services. This distinction puts the company in an exclusive group of financial-services providers that can offer consumers added compliance and protection for blockchain game transactions, said CEO Josh Williams in an interview with GamesBeat.
If Forte didn’t get the licenses, that could have potentially held up the launch of more blockchain games in the U.S., he said.
“This is complicated but really important stuff. At the end of the day, blockchains can be really transformative, and they enable all kinds creative opportunities and economic opportunity,” Williams said. “If you don’t protect consumers and comply with regulations, it can be really problematic. And we’ve seen examples of that. The hacks and money being misused, money laundering happening in the space. The bigger it gets, the more important it becomes that things are done right and consumers are protected.”
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PTI is a full-service compliance solution for blockchain technologies and virtual assets, and it now joins an exclusive list of just 11 fully-licensed companies globally, such as Coinbase, PayPal, Square, and Robinhood, which have obtained both licenses in order to protect businesses and consumers that send and receive money electronically.
PTI CEO Scott Butler said in a statement
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