- Bakkt is strengthening its positions in the area of custodian solution providers.
- The new deals will help to create a secure storage solution for digital assets.
The unlaunched bitcoin futures exchange Bakkt announced the acquisition of Digital Asset Custody Company (DACC) and disclosed its partnership with a large US-based bank BNY Mellon.
According to the company’s COO Adam White, Bakkt purchased DACC with the aim to further develop secure storage solutions for digital assets. He stressed that DACC team shared Bakkt’s vision and had an extensive experience on creating secure and scalable custodian solutions.
“This combination of advanced systems design and human expertise, supported by robust operational controls, provides the foundation for a custody solution that has the potential to attract greater participation from institutions, investors, merchants and consumers,” the COO wrote in his blog post.
Apart from that, the company has partnered with BNY Mellon to solve the issue of asset storage. The partnership with one of the largest US-based banks is focused on creating a global system of private keys.
“Additionally, Bakkt is working closely with BNY Mellon to offer geographically-distributed storage of private keys secured by the bank. BNY Mellon has a longstanding history of safeguarding the assets of institutional clients such as hedge funds, asset managers, and broker dealers, and we’re excited to work with them,” he added.
In a separate note, Bakkt representative confirmed that the company plans to obtain BitLicense issued by the New York Department of Financial Services. This license will allow the company to provide a regulated custodian services for cryptocurrency assets.
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