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Bitcoin Company Bakkt Awarded BitLicense in New York

The bitcoin-focused subsidiary of Intercontinental Exchange was awarded both virtual currency and money transmitter licenses.

Mar 11, 2021 at 3:06 p.m. UTC
Updated Sep 14, 2021 at 12:24 p.m. UTC

Bakkt, the bitcoin-focused subsidiary of Intercontinental Exchange, has been awarded the so-called BitLicense by the New York State Department of Financial Services (DFS).

  • According to an announcement from DFS Superintendent Linda Lacewell on Thursday, the virtual currency license will allow Bakkt Marketplace, a wholly owned subsidiary of Bakkt Holdings, to offer its New York customers the ability to buy and sell digital currencies.
  • The firm was also granted a money transmitter license. The licenses bring Bakkt under DFS supervision for its licensed activities.
  • "This approval provides additional virtual currency options to New Yorkers as the state continues to rebuild and recover," said Lacewell.
  • "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," said Bakkt CEO Gavin Michael.
  • Bakkt is working on a payments app that would allow users to shop at merchants like Starbucks when live.  
  • The BitLicense is the 29th to be granted by the DFS since it started offering them in 2015.

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