Bullish (BLSH), the parent company of CoinDesk, has secured a coveted BitLicense from the New York State Department of Financial Services (NYDFS), a key regulatory approval that will allow the institutional digital asset platform to offer spot trading and custody services to customers in New York, the company said in a press release on Wednesday.

The BitLicense, also known as a Virtual Currency Business Activity License, is considered one of the most rigorous state-level crypto approvals in the U.S.

With it, Bullish’s U.S. entity, Bullish US Operations LLC, can now cater to institutional clients and advanced traders in the country’s financial capital.

“New York is widely recognized as being at the forefront of virtual currency regulation,” said Tom Farley, CEO of Bullish, in the release

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