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Bakkt Declares Acquisition of Crypto Custodian Service Company

Institutional cryptocurrency and digital asset trading platform Bakkt, which is led by Intercontinental Exchange (ICE), has аcquired a cryptocurrency custodian service company. The development was announced by the firm on April 29.

Bakkt declared, in a blog post, a number of new measures in its noticeable attempt to kindle regulatory feedback. One of these measures also includes the acquisition of Digital Asset Custody Company (DACC).

While Digital Asset Custody Company’s native support of thirteen blockchains and hundred plus digital assets is allegedly premeditated to serve as a significant accelerator, the entire Digital Asset Custody Company team will also be joining Bakkt. Former Coinbase executive and latest Bakkt COO Adam White mentioned the developments in the blog post on Monday.

White exposed, in the aforementioned announcement, that Bakkt has filed an application with the New York Department of Financial Services to operate as a trust company. This will purportedly enable the firm to serve as a Qualified Custodian for cryptocurrencies and digital assets.

Particularly, Bakkt mentioned that the company is preparing to commence physically-delivered BTC futures, with contracts set to be traded on ICE Futures US and cleared on Inter Continental Exchange Clear US (ICUS). It is to be noted that ICUS is a federally regulated exchange and clearinghouse regulated by the United States CFTC.

Lately, on April 18, Bloomberg reported that the Inter Continental Exchange was mulling over acquiring a New York BitLicense to launch bitcoin futures. In the reports, Bloomberg cited unidentified sources well-known with the subject.

Kelly Loeffler, CEO of Bakkt, purportedly asserted that the firm is not altering its strategy, but is expounding its role within the industry, according to the report of news outlet-Fortune.

It is to be noted that Bakkt was initially set to be launched in January 2019. However, it postponed the launch due to the continuing consultations with the CFTC.

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