Bakkt is the latest crypto company to acquire BitLicense.

On Thursday, the New York City Financial Services Department announced that Bakkt had become BitLicense’s 29th license.

BitLicense was first awarded by Paxos in 2015 and is New York’s program for regulating cryptocurrency companies. This will give Bakkt new access to cryptocurrency trading in the US financial position.

NYDFS has also seized the opportunity to network with other cryptographic initiatives, including a technology race to find new ways to transfer data from companies to regulators in real time.

While New York City regulation has a reputation for being hawkish, Manhattan’s status as a financial center continues to make access to jurisdiction very attractive to companies looking to engage in all kinds of commercial activities. When PayPal wanted to introduce cryptocurrency, the company waited for the first conditional BitLicense in New York before announcing the plans.

Source: CoinTelegraph

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