Strike Clears New York's BitLicense Hurdle

Strike, the Bitcoin (BTC) payments firm founded by Jack Mallers, has secured both a BitLicense and money transmitter license from the New York State Department of Financial Services.

The approval clears the way for Strike to operate in one of the most tightly regulated cryptocurrency markets in the country. This unlocks bill-pay features, including mortgage, utility, and credit card payments funded from Bitcoin balances, though Strike converts those balances to dollars before transmitting payment.

No mortgage lender accepts Bitcoin directly, and customer balances are held 1:1 and never lent out, according to the company. Strike accounts are not FDIC-insured.

Mallers said his goal is 'building the leading Bitcoin financial institution.' The approval adds institutional weight to Mallers' broader push in Bitcoin-native finance, which extends to retail and business users in the country's largest financial market.