Bakkt has reportedly joined other crypto entities to be the next crypto exchange platform to successfully secure a BitLicense, along with a money transmitter license in the state of New York.

Specifically, the New York Department of Financial Services reportedly disclosed that Bakkt has become the 29th entity to be a BitLicensee. 

The BitLicense, firstly given to Paxos 6 years ago (2015), was reportedly New York’s program dedicated to the regulation of cryptocurrency entities. By securing it, Bakkt will possess new access to make crypto trading available across the US-based financial center. 

The NYDFS further took the chance to mention other different crypto projects it is currently working on, including a tech sprint particularly designed to look for alternatives to retrieve information from companies to regulators in a real-time manner. 

While New York’s regulation has reportedly been known to be hawkish,  Manhattan’s status as a financial hub continues to make tapping into the jurisdiction highly intriguing to establishments, looking to interact with numerous types of trading activities. 

When PayPal was reportedly finding ways to establish its presence across the crypto sphere, the firm waited for New York’s first conditional BitLicense prior to making its plans public.