Goldman Sachs all set to connect with Bakkt

The US banking giant will reportedly use the technical solution provided by Bakkt for its custody service, according to reports

Goldman Sachs’ custody service is set to use technical solutions provided by the Intercontinental Exchange’s (ICE) new platform, Bakkt.

Bakkt has been making inroads into the cryptocurrency ecosystem this week, hiring Coinbase veteran Adam White as their Chief Operating Officer.

Now it looks to have secured an institutional relationship with Goldman Sachs. The FI views Bakkt as an extension of the NYSE rather than a new enterprise, protecting it against potential regulatory risks associated with cryptocurrency exchanges.

Bakkt is planning on building a global blockchain network that allows customers to buy, sell, store and spend digital assets while in-keeping with regulatory frameworks set by the SEC and CFTC.

Speaking via a Medium post on Monday, Bakkt CEO Kelly Loeffler said: “Our exchange and clearing house boards — and the clearing house risk committee — have all reviewed and approved the respective rules. We plan to file these rules publicly with the CFTC for review and comment very soon. We’re taking a transparent approach to engage across the industry as we begin testing and onboarding in November, and trading and warehousing in December, subject to CFTC approval.”

She continued: “Many of us share the view that a new asset class is forming and a framework for operating within these markets is welcome. The potential for product development is strong, as is the need for regulatory certainty,”

Coin Rivet has reached out to Goldman Sachs and ICE for a comment in regards to the aforementioned reports. Updates will be posted on this article when an official statement is made.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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