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Bakkt Bitcoin Custody Firm Acquires New York BitLicense

Bakkt Bitcoin Custody Firm Acquires New York BitLicense
  • Bakkt acquires BitLicense from the NYDFS
  • A BitLicense is a license for virtual currency businesses within New York
  • Bakkt provides a custody service for Bitcoin futures trading

The New York State Department of Financial Services (NYDFS) issued a BitLicense to Bakkt, a Bitcoin custody firm. With this, Bakkt can provide Bitcoin custody solutions to firms that are located in New York.

A BitLicense is a New York License that allows a virtual currency company to operate in New York. According to the NYDFS, this license allows businesses to “operate as an independent, regulated qualified custodian under New York State Banking Law.”

According to Bakkt CEO Gavin Michael,

This represents a major milestone to achieving our vision of making digital assets accessible to all.

Michael also expressed his excitement to launch their app. “We’re thrilled to continue driving innovation in this rapidly evolving industry, highlighted by the upcoming launch of the Bakkt App,” he said.

Linda Lacewell, NYDFS financial services superintendent, said that they are delighted to allow crypto companies to flourish in New York. This is especially as the state recovers from the pandemic. Similarly, BitGo acquired a New York license just recently. The license enabled BitGo to be a custodian to large crypto investments. The firm received huge interest from hedge funds, banks, and pension funds.

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Joseph Joestar is a CoinQuora contributor. He works in various blockchain marketing content projects, specializing in written content such as technical whitepapers, press releases, and articles.