Bakkt Receives BitLicense from New York State Regulator

Bakkt, the cryptocurrency arm of Intercontinental Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (ICE), has gained the much sought BitLicense that will allow it to offer digital currency services in the state.

Announced by the New York State Department of Financial Services (DFS) on Thursday, the virtual currency and money transmitter licenses have been awarded to Bakkt Marketplace, a wholly-owned subsidiary of Bakkt Holdings.

Commenting on the development, Bakkt CEO Gavin Michael said: “We’re extremely proud to be awarded a BitLicense by the New York State Department of Financial Services.”

The Toughest Crypto License

BitLicense is considered to be one of the toughest crypto licenses that can be gained due to its high rejection rate. To date, the New York state regulator granted only 29 such licenses, and only companies holding this license can offer crypto services in the state.

Founded in 2018, Bakkt is one of the fastest-growing crypto companies. The company started by offering physically-settled crypto derivatives, and now, it is working to launch a crypto Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term app.

“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,” Michael added.

The approval of the license came when Bakkt was planning to go public with a black-check acquisition company merger, which might put a $2 billion valuation on the company.

“With new technology advancing every day, DFS is proud to be at the forefront of financial innovation through our continuous efforts to set the conditions for virtual currency companies to germinate and grow,” said Superintendent Lacewell.

“This approval provides additional virtual currency options to New Yorkers as the state continues to rebuild and recover.”