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New York State DFS Grants BitLicense and MTL to Bakkt

Just a week after it awarded a New York Trust Charter to BitGo, the New York State Department of Financial Services has granted BitLicense and a money transmitter license to Bakkt. 

These licenses enable the firm to provide New York-based customers with crypto-asset trading services and thus make it possible for those interested to buy and sell digital currencies

Regarding the recent approval, Gavin Michael, the CEO of Bakkt, has stated that the licenses represent an important step toward the achievement of their vision, which is to make “digital assets accessible to all.”

As we’ve mentioned above, this approval is not a first-time for NYDFS as, excluding the most recent license, the department has granted 28 virtual currency licenses or trust charters since 2015. Financial Services Superintendent Linda Lacewell stated the following:

“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.”

She also said that “this approval provides additional virtual currency options to New Yorkers as the state continues to rebuild and recover.”

Founded in 2018, Bakkt is a bitcoin futures exchange and digital assets platform and a subsidiary of Intercontinental Exchange. DFS granted a trust charter to Bakkt in 2019, thus allowing the firm to provide BTC custody services along with the launch of the cryptocurrency’s futures contracts

Bakkt is working on the Bakkt App, which is a payments app that will enable users to shop at various merchants such as Starbucks. 

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