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Bitcoin Company Bakkt Awarded BitLicense in New York
The bitcoin-focused subsidiary of Intercontinental Exchange was awarded both virtual currency and money transmitter licenses.
Bakkt, the bitcoin-focused subsidiary of Intercontinental Exchange, has been awarded the so-called BitLicense by the New York State Department of Financial Services (DFS).
STORY CONTINUES BELOW
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- According to an announcement from DFS Superintendent Linda Lacewell on Thursday, the virtual currency license will allow Bakkt Marketplace, a wholly owned subsidiary of Bakkt Holdings, to offer its New York customers the ability to buy and sell digital currencies.
- The firm was also granted a money transmitter license. The licenses bring Bakkt under DFS supervision for its licensed activities.
- "This approval provides additional virtual currency options to New Yorkers as the state continues to rebuild and recover," said Lacewell.
- "This represents a major milestone to achieving our vision of making digital assets accessible to all, and we’re thrilled to continue driving innovation in this rapidly evolving industry, highlighted by the upcoming launch of the Bakkt App," said Bakkt CEO Gavin Michael.
- Bakkt is working on a payments app that would allow users to shop at merchants like Starbucks when live.
- The BitLicense is the 29th to be granted by the DFS since it started offering them in 2015.
Read more: Bitcoin Exchange Bakkt to Become Publicly Traded With $2.1B Valuation Via Merger
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
