Strike, a Bitcoin-focused fintech company led by Jack Mallers, has been granted regulatory approval by the New York State Department of Financial Services (NYDFS) through a BitLicense and Money Transmitter License, allowing it to expand its Bitcoin services to residents and businesses across the state.
Dual licensing represents a major hurdle cleared by Strike, as New York maintains one of the most demanding regulatory frameworks for digital asset companies in the US.
According to Mallers, securing the BitLicense marks a pivotal step for Strike, opening the door to offering secure, Bitcoin-native brokerage, savings, and payments services to customers in New York.
Through the Strike platform, users can buy and sell Bitcoin, automate purchases, set target price orders, convert direct-deposit paychecks into Bitcoin, and pay bills using their Bitcoin holdings.
Customer assets are held 1:1 and can be withdrawn to cold storage without additional fees, while the company remains subject to NYDFS supervision, including audits and cybersecurity examinations.
Strike’s entry into New York intensifies competition among licensed Bitcoin service providers operating in the state.
The BitLicense has historically limited the number of crypto companies able to serve New York residents due to its stringent requirements. Companies that have successfully obtained the license often cite it as a competitive advantage when pursuing partnerships with regulated financial institutions.
A known Bitcoin advocate, Mallers also co-founded Twenty One Capital, a Bitcoin-focused investment firm modeled after Strategy to provide institutional Bitcoin exposure through Nasdaq-traded shares.
Twenty One owns over 43,500 BTC worth roughly $3 billion, and is now the third-largest corporate holder of Bitcoin.
Source: https://cryptobriefing.com/strike-bitlicense-approval-money-transmitter/
