Bakkt has received licenses from New York’s finance industry regulator for virtual currency and money transmission. The BitLicense award was revealed by the New York State Department of Financial Services (NYDFS) on the 11th of March. The NYDFS said that Bakkt is now the latest firm to receive a BitLicense through a subsidiary.
According to the agency, Bakkt’s New York customers will now be able “to buy and sell virtual currency and subject to DFS’s supervision of its licensed activities.”
Bakkt CEO, Gavin Michael, said in a statement:
“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.”
The Bakkt BitLicenses came after the company announced in January that it would be going public. At the time, Bakkt said it would become a publicly-traded company on the New York Stock Exchange through a SPAC deal. As stated in the announcement, Bakkt would merge with VPC Impact Acquisition Holdings at a valuation of about $2.1 billion. Also, Bakkt plans to launch its retail app in March. Already, the company said more than 400,000 consumers have signed up for early access.
Image Credits: Pixabay
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