Bakkt Becomes the 29th Crypto Company to Receive BitLicense Approval by NYDFS

The New York State Department of Financial Services (NYDFS) has announced that Bakkt Marketplace has become the 29th cryptocurrency company to receive BitLicense since 2015. This approval comes amid the firm’s endeavors to be publicly listed and to launch the long-anticipated Bakkt App. 

• The NYDFS started granting such licenses to digital asset businesses in 2015, with the first one being Paxos. Earlier today, the organization announced the latest company to receive the coveted BitLicense – Bakkt.  
• The license enables Bakkt to offer New York customers the ability to buy and sell cryptocurrency assets.  
• SuperIntendent Lacewell explained that the rapidly growing digital asset space requires clear legislation to prevent malicious activities from bad actors. BitLicense enables NYDFS to be “at the forefront of financial innovation through our continuous efforts to set the conditions for virtual currency companies to germinate and grow.”  
• Lacewell added that the approval for Bakkt will provide more confidence for New Yorkers while the “state continues to rebuild and recover.” 
• Gavin Michael, the recently-appointed CEO of the Bitcoin futures trading platform, said that the approval is another “major milestone to achieving our vision of making digital assets accessible to all.” Although he failed to provide more specific details about the long-awaited Bakkt App, Michael said that receiving BitLicense will help the company with that initiative. 
• Earlier, Bakkt announced plans to go public after completing a merger with a special purpose acquisition company (SPAC). Upon finalizing the entire process, Bakkt Holdings, Inc will be listed on the New York Stock Exchange, and the estimated enterprise value is roughly $2.1 billion.