Bakkt Acquires Cryptocurrency Custodian Service Provider
On Monday, April 29, Institutional Bitcoin Futures Platform Bakkt announced the acquisition of Digital Asset Custody Company (DACC), and also disclosed information about the partnership with a large American bank BNY Mellon.
According to CTO Adam White, Bakkt acquired the DACC to further develop a solution for secure storage of digital assets. The DACC team shares the desire of Bakkt to put security at the forefront, and will also be able to share valuable experience in developing secure and scalable custodial solutions.
He also made it clear that with the purchase of DACC, the Bakkt offer could be expanded to other cryptocurrencies.
In order to solve the problem of storing assets, Bakkt also entered into a partnership with BNY Mellon, in which it is working to create a “geographically distributed” system of private keys.
“Over the years of its work, BNY Mellon has established itself as a reliable custodian of the assets of institutional clients, including hedge funds and broker-dealer companies,” says White.
Additionally, Bakkt has provided insurance coverage for assets that it will store in cold wallets.
The representative of Bakkt confirmed that the company intends to obtain BitLicense - permission to operate in the state of New York. It is assumed that this could be a weighty argument in the negotiations with the US Commodity Futures Trading Commission (CFTC), which still has not given the green light to launch deliverable bitcoin futures.
Bakkt's investment valuation could already reach $ 740 million. This was made possible thanks to a massive round of financing of Series A for $ 182 million, in which Microsoft, Boston Consulting Group, Galaxy Digital and others took part.