Bakkt, the crypto venture founded by Intercontinental Exchange (ICE), has received virtual currency and money transmission licenses from New York's finance industry regulator.
The New York State Department of Financial Services (NYDFS) said Thursday that Bakkt, through a subsidiary, is the latest industry firm to receive a BitLicense.
"This license will allow Bakkt Marketplace to offer its New York customers the ability to buy and sell virtual currency and subject to DFS’s supervision of its licensed activities," the agency said.
“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," Bakkt CEO Gavin Michael said in a statement.
The development comes two months after Bakkt confirmed reports that it would go public via a SPAC deal, giving the merged company a valuation of $2.1 billion.