Bakkt, the popular cryptocurrency trading platform, has recently announced a new acquisition on the 29th of April. The Intercontinental Exchange (ICE)-lead firm has acquired a crypto custodian service, called Digital Asset Custody Company (DACC).
The blog post read:
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.
The team’s experience integrating multiple blockchains and operating cutting-edge consensus mechanisms is a valuable addition to our team and future product line.
Adam White, the new Bakkt COO wrote that the entire DACC team will be joining Bakkt, and that their native support of 13 blockchains and 100+ assets could be used to “serve as an important accelerator.”
The company is looking to improve their standing and function as a trust company, for which they have filed an application with the New York Department of Financial Services.
CEO of Bakkt, Kelly Loeffler, has indicated that there is no change in the firm’s strategy, but it’s just a statement that they are making. Kelly told Fortune:
“There is no pivot. From the ground up what ICE has been building for two years is the safest version of a custody solution for digital assets.”
If Bakkt receives a green signal from the New York Department of Financial Services, then they will be able to serve as a Qualified Custodian for digital assets. The company has ambitious plans up ahead, which include launching physically-delivered bitcoin (BTC) futures, with contracts that are likely to be traded on ICE Futures US (IFUS) and cleared on ICE Clear US (ICUS), which is a federally regulated exchange and clearinghouse regulated by the United States Commodity Futures Trading Commission (CFTC).
Back in January, Bakkt had announced their first acquisition, which was certain assets previously held by the futures commission merchant Rosenthal Collins Group (RCG).