Cryptocurrency payment company Moneybite received a license from the Malta Financial Services Authority (MFSA), allowing it to enter the gambling industry.
The startup will be one of the first MFSA-approved companies to provide trading services worldwide, including to operators licensed by the Malta Gaming Authority (MGA).
The MSFA license will allow Moneybite, as a virtual financial asset (VFA) service provider, to accept and transmit orders and services.
Moneybite acts as a bridge between the worlds of cryptocurrencies and fiat currencies and is a fully interoperable solution for companies wishing to use crypto payments.
Elton Dimek, Managing Director of Moneybite, said: “This is a milestone for us to receive our MFSA license and become one of the first operating MFSA approved companies serving merchants worldwide, including MGA licensed gambling operators.
“We see this as a rising start for the industry. Transactions with cryptocurrencies should not be a concern, but should be as easy for business as dealing with traditional fiat currency. We are here to act as a reliable bridge between them,” he added.