The firm announced that it has acquired Digital Asset Custody Company (DACC) as part of its efforts to gain regulatory approval for its crypto products.
Bakkt has said that it is less concerned with merely building a Bitcoin exchange than they are with offering institutional custody and payment platform services, all of which still requires regulatory approval.
Having worked in the crypto space developing advanced trading and custody solutions since 2013, it’s clear to our COO @WhiteAdamL that ironclad infrastructure and a security-first mindset are fundamental to storing digital assets https://t.co/FivUb8bZtw
— Bakkt (@Bakkt) April 29, 2019
Adam White (COO) wrote in Bakkt’s blog post: “To provide regulated custody, we have filed with the New York Department of Financial Services for approval to become a trusted company and in this capacity serve as a Qualified Custodian for digital assets”.
“It is with that same commitment to setting a new standard for securely storing digital assets that we’re excited to announce that we have acquired Digital Asset Custody Company (DACC). DACC shares our security-first mindset and brings extensive experience offering secure, scalable custody solutions to institutional clients.”
A secure and modern custodial solution
Bakkt has said that their secure, modern custodial solutions for cryptocurrency will hopefully encourage institutional investors to expand their portfolios to include the decentralised asset class. Thus far, Coinbase and Circle’s offerings have yet to make a significant dent in the overall market for institutional investors.
This was echoed by Bakkt CEO, Kelly Loeffler, who recently mentioned that, “what ICE has been building for two years is the safest version of a custody solution for digital assets”.
Chief Operating Officer, White, concluded by saying that “the team’s experience integrating multiple blockchains and operating cutting-edge consensus mechanisms is a valuable addition to our team and future product line”.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.