The company, founded by Jack Mallers and operated under Chicago-based Zap Solutions Inc., announced the approval on March 5, marking the completion of its expansion to all 50 U.S. states. With the licenses in place, New Yorkers can now access Strike’s bitcoin-focused financial tools, including buying and selling bitcoin, converting paychecks to bitcoin, automated purchases, bill payments, and secure custody options.
The Bitlicense, introduced by the New York State Department of Financial Services in 2015, requires strict compliance with rules covering capital reserves, cybersecurity protections, anti-money laundering programs and consumer safeguards. Mallers described the approval as a milestone that opens Strike’s bitcoin-native financial infrastructure to the global center of finance.
The company said it holds customer assets on a 1:1 basis and does not lend them out, a structure that contrasts with several crypto lenders that collapsed in 2022. Strike previously operated in 49 states and multiple international markets and has outlined plans to introduce bitcoin-backed lending services, allowing users to borrow fiat currency while retaining their bitcoin holdings. The company’s mobile app enables instant payments, automated buys and other everyday financial functions built on bitcoin’s network.
FAQ 🧭
- What is Strike? Strike is a bitcoin financial services platform founded by Jack Mallers that offers payments, trading and savings tools built on the bitcoin network.
- What license did Strike receive? The company obtained both a New York Bitlicense and a Money Transmitter License from the New York State Department of Financial Services.
- What does the approval allow? The licenses permit Strike to offer bitcoin buying, selling, payments and custody services to residents and businesses in New York.
- Why is the Bitlicense significant? The license is one of the strictest regulatory approvals for digital asset firms operating in the United States.
