Bakkt Receives New York BitLicense Ahead Of App Launch

Bitcoin derivatives trading platform Bakkt has received a New York State Resident Authority (NYDFS) BitLicense.

Supt. @LindaLacewell announces #NYDFS grants virtual currency and money transmitter licenses to @Bakkt . Read #pressrelease : https://t.co/kd8JrSob1b .

– NYDFS (@NYDFS) March 11, 2021

The license was received by Bakkt Marketplace, LLC, a subsidiary of Bakkt Holdings, LLC. It allows the site to offer residents of the state the purchase / sale of virtual currencies (cryptocurrencies – editor’s note). The financial regulator also issued a money transfer operator license to the firm.

Bakkt has become the 29th firm to receive a BitLicense since 2015. The regulation of the bitcoin industry in the state is considered one of the strictest in the world.

In the foreseeable future, the Bakkt Cash application will be launched, which will allow users to pay with cryptocurrencies with many merchants, including Starbucks. Over 400,000 people have subscribed to early access to the program.

Options, deliverable and settlement Bitcoin futures are traded on Bakkt. The platform is part of the Intercontinental Exchange Financial Corporation (ICE), the parent company of the New York Stock Exchange.

Recall that in the second quarter of 2021, the company plans to enter the stock exchange with a capitalization of $ 2.1 billion through a reverse merger.

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