Analysts have mentioned that as digital assets continue to enjoy massive adoption, so will crypto exchanges gain acceptances worldwide. Even though some countries are still opposed to digital assets due to certain reasons, others have seen the potential and are willing to adopt it.
With that, regulators have set up regulations to check both the digital assets and the platforms they are traded. From time to time, regulators give licenses to crypto exchanges after certain reviews and examinations. One such is the current license granted to Bakkt by the New York Department Of Financial Service.
Bakkt pays for Bitcoin futures trades with Bitcoin
The announcement on the crypto exchange’s official platform has received another BitLicense, making it the 29th license that the platform has been awarded since they started operation. This term, BitLicense, has been used over the years to describe the license of operation that is being awarded by the state of New York to firms that deal in crypto-related activities.
Since it was rolled out in 2015, the state has mandated every business dealing with digital assets to get one that would see them part with a massive amount of up to $100,000. Before the launch of the crypto exchange in 2019, the idea of filling out the platform was floated by the Intercontinental Exchange, who were the owners of the New York Stock Exchange.
After it launched in 2019, the firm offered various Bitcoin futures services using the Intercontinental Exchange platform for business. The difference in its mode of operation from others was that the firm settled its trade physically using digital assets such as Bitcoin. This means that traders get paid in digital assets instead of the dollar that other firms pay with.
Bakkt promises wider crypto adoption across the United States
In their official statement, the CEO, Gavin Michael, said that receiving the license was a part of their goal to ensure their services will be enjoyed by all and sundry across the sector. He also pointed out that not only are they happy to help drive the adoption of digital assets across the country, they are also hoping to release their app in the coming days to help with the process.
In their statement, the DFS, through its Superintendent, Linda Lacewell, noted that the department is happy with how far the digital sector has come and is hoping to help them grow further. She pointed out that they are happy that they are growing even at this unprecedented time caused by the coronavirus pandemic.
Bakkt has also announced that they are trying to further the adoption of Bitcoin; they are also making plans to let people pay for goods and services using digital assets. It rolled out a service in partnership with Starbucks where people were allowed to pay for the coffee they buy using Bitcoin. Even though the feature was thumbed up, the platform pointed out that they were not direct crypto payments at the cashier had to convert them to cash before accepting payments.
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