New York, has been a tough nut to crack for cryptocurrency platforms. Bakkt, however, seems to have cracked this by securing the BitLicense.
Several crypto firms across the globe have been leaving the United States due to the uncertain regulatory clarity in the country. Ripple’s latest fallout with the Securities and Exchange Commission of the United States was a major setback for the platform. Bakkt seemed to have made it to the good books of the New York government.
Bakkt Secures The 29th BitLicense
Bakkt created a stir after it rolled out its crypto derivative platform. More recently, the New York Department of Financial Services through a press release announced that the crypto platform was given a license permitting it to offer its services to the citizens of New York.
Linda A. Lacewell, the Financial Services Superintendent who carried out the announcement and suggested that the state was trying to keep up with the emerging wave of digitalization. She added,
“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. This approval provides additional virtual currency options to New Yorkers as the state continues to rebuild and recover.”
The state announced that Bakkt was the 29th platform to secure the license. Paxos was the first firm to receive this license back in 2015.
Bitcoin as well as other currencies with their impeccable price change over the last couple of months have managed to lure in several institutional investors. While the crypto community believes that BTC would record an upward trajectory, hereafter, governments across the globe have started to be more accepting of the crypto-verse. New York seems to be following the same with its latest announcement.