Bakkt Crypto Platform Intends To Obtain License In New York
The Bakkt crypto platform, owned by the financial company Intercontinental Exchange (ICE), expects to receive a license to carry out activities in the state of New York, Bloomberg reports.
The State Department of Financial Services (HYDFS) grants crypto companies a work permit called BitLicense. The management of Bakkt is counting on it, believing that the license for custodial services will provide significant assistance in negotiations with the Commodity Futures Trading Commission (CFTC), which does not allow Bakkt to launch deliverable bitcoin futures yet.
Many experts consider the issue of security of digital assets owned by users the main problem in the negotiations. According to them, it was for this reason that the crypto platform launch, initially scheduled for January 24, 2019, was postponed several times. The regulatory organization was not confident about the ability of Bakkt to protect customers.
Despite the current situation, the crypto platform actively attracts funds. In total, it received $740 million of investments. Bakkt is trusted by such large corporations, as Microsoft, Galaxy Digital, Starbucks, and many others.
Representatives of the New York regulatory organization and the Intercontinental Exchange corporation have not commented on the situation with the provision of BitLicense yet.
As previously reported, Kelly Loeffler, the head of the crypto platform, published a report on the activities of the company, spoke about the achievements, and presented the new board of directors at Bakkt.