Saturday, October 23, 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

- Advertisement -

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.

- Advertisement -
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade and write on cryptocurrencies. My primary aim is to provide genuine information to cryptocurrency readers because crypto is filled with frauds and scams. Accurate information is scarce to get. So We at TheCryptoBasic will be providing accurate information about cryptocurrencies topics that users can trust.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

The Bank Of Israel Aims To Launch Its CBDC On Ethereum

For now, central banks around the world are still working on developing and testing their own CBDCs, but there are new ones that are...

Russian Central Bank Head Says Russia Is Not Ready To Launch Crypto ETFs

The head of the Bank of Russia, Elvira Nabiullina gave a negative answer to the question about the possibility of trading cryptocurrency ETFs in...

Spanish Banks Anxiously Waiting For Central Bank Approval To Work With Cryptocurrencies

Spanish banks are interested in providing cryptocurrency services directly to clients and expect the Spanish Central Bank will bring regulatory clarity for crypto.

Reddit Intend To Bring Its Non Fungible Token (NFT) Platform

Reddit is looking to hire people for what could become a new platform for non-fungible tokens (NFTs) and digital goods. ...

Second Bitcoin ETF, Valkyrie Bitcoin Strategy ETF (BTF) Started Trading On Nasdaq

On the Nasdaq Stock Exchange under the ticker BTF, a Bitcoin futures ETF from Valkyrie Investments began trading at a price of $25.5.

Transient Raises $1.2 Million in IDO Public Sale to Build the Amazon of Smart Contracts

Tortola, British Virgin Islands, 22nd October, 2021, Transient Network, a Smart Contract Global Marketplace, is thrilled to announce that it has raised $1.2 million...

Binance Smart Chain Is Bringing Fee-Burning Mechanism Like Ethereum

The Binance Smart Chain (BSC) has published a proposal to improve the BEP-95 ecosystem, This new mechanism will be similar to the Ethereum chain...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.