Strike Gains NY BitLicense for Bitcoin Services

Strike, a Bitcoin-focused fintech company founded by Jack Mallers, has received approval from the New York State Department of Financial Services to operate in the state, granting it a BitLicense and a Money Transmitter License. The approvals, announced on Thursday, enable Strike to provide brokerage, savings, and payment services involving Bitcoin to individuals and businesses across New York.

The licenses allow New York users to buy and sell Bitcoin through linked bank accounts, debit cards, or wire transfers. The platform supports recurring automated purchases, price-triggered orders that execute trades at set levels, and the conversion of up to 100 percent of direct-deposited paychecks into Bitcoin, with fees waived on deposits up to $20,000 per month. Customers can also pay utility bills, credit card balances, and mortgages directly from their Bitcoin holdings. Strike holds all customer Bitcoin and cash balances on a one-to-one basis, ensuring assets are not lent out or used for company operations. Withdrawals to personal cold storage wallets incur no platform fees, as Strike covers associated blockchain transaction costs.

"Receiving our BitLicense is a defining milestone...