Bakkt Acquires New Crypto Custody Service DACC
The company is eventually planning to launch Bitcoin futures.
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Bakkt, the digital asset ecosystem backed by Intercontinental Exchanges (ICE), has just announced the acquisition of the Digital Asset Custody Company (DACC) along with several other updates to boost the company’s credentials and operations.
According to a blog post by former Coinbase exec and current Bakkt COO Adam White, DACC’s native support of over 100 digital assets and 13 distinct blockchains will “serve as an important accelerator,” for the Bakkt platform. Furthermore, Bakkt’s acquisition of the company includes hiring the entire DACC team.
In the same announcement, White also mentioned the company’s recent application with the New York Department of Financial Services to operate as a trust company, which will identify Bakkt as a Qualified Custodian for digital assets. If successful, the application will allow Bakkt to offer the first “physically-delivered Bitcoin futures” in ICE’s CFTC-regulated clearinghouse. Bakkt will also work with global investment bank BNY Mellon to set up “geographically-distributed” private key storage, White added.
Bakkt’s goal of a globally regulated, muti-faceted crypto ecosystem will take time, and money. In a time when multiple crypto exchanges are rapidly launching and rushing to market, Bakkt’s acquisition of DACC, and its commitment to security and regulatory compliance show that the firm is willing to spend the time, money, and whatever other resources necessary to accelerate its growth.