Wednesday, April 21, 2021
Home Crypto News Market New York State Department Of Financial Services Issued BitLicense To Bakkt

New York State Department Of Financial Services Issued BitLicense To Bakkt

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The New York State Department of Financial Services (NYDFS) has issued a BitLicense to the Bakkt trading platform, which will allow it to legally work with residents of New York.

NYDFS has been issuing BitLicense since 2015. Firms wishing to obtain a license must meet certain requirements. Obtaining BitLicense costs a large amount of up to $100,000. The head of NYDFS Linda Lacewell said that the department is ready to provide opportunities and conditions for the development of cryptocurrency firms in New York.

Bakkt has become the 29th organization to receive a BitLicense. A platform dedicated to trading cryptocurrency derivatives was launched by the Intercontinental Exchange (ICE) in September 2019. A few months after the launch, the first regulated options for Bitcoin and futures contracts with settlements in fiat currency were presented on the site. This served as a complement to existing Bakkt products.

In November 2019, Bakkt opened the Bakkt custody service for institutional investors to ensure the safety of client crypto assets. This service has also been approved by the NYDFS. Bakkt CEO Gavin Michael said that obtaining a license is an important milestone in the development of the platform, bringing digital assets closer to everyone.

The cryptocurrency industry is developing rapidly, so Bakkt mentioned the company’s ambitious plans for the upcoming launch of the Bakkt Cash app for retail P2P payments. With this application, users will be able to pay with cryptocurrencies for goods in various retail outlets.

Last year, Bakkt developers began testing the Bakkt Cash payment option with the largest coffee chain Starbucks. As part of testing, Starbucks customers were able to buy coffee with Bitcoin.

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Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade, and write on cryptocurrencies. My basic aim is to provide genuine information to cryptocurrencies readers because crypto is filled with frauds and scams. True information is very rare to get. So I will be providing accurate information about cryptocurrencies topics, that users can trust.


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