Bakkt Receives BitLicense And MTL From New York State DFS

Bakkt Marketplace has been granted two very juicy and highly sought-after licenses by the New York State Department of Financial Services (NYDFS) . These licenses – money transmitter license and BitLicense. These licenses would enable Bakkt to provide their customers in New York crypto assets trading opportunities.

Gavin Michael, Bakkt CEO, while announcing the soon-to-be -launched Bakkt app said the license approval marks “a major milestone” in the pursuit of the company’s vision of “making digital assets accessible to all.”

The NYDFS has issued 29 digital currencies licenses and trust charters since 2015. And just last week, it issued the highly coveted New York Trust Charter license to BitGo.

Financial Services Superintendent Speaks

Linda Lacewell, Financial Services Superintendent spoke concerning this approval: She said:  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. Responsible innovation will blaze a path to a brighter future.

With the award of the BitLicense to Bakkt, crypto users in New York now have an additional option. In 2019, the DFS had granted Bakkt Bitcoin custody. This charter allowed Bakkt to offer Bitcoin custody services in New York.

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