The Intercontinental Exchange (ICE), which owns the much anticipated institutional investment oriented Bakkt, has acquired a digital asset custodial company. Bakkt Chief Operations Officer (COO), Adam White, announced that the firm had acquired the Digital Asset Custody Company (DACC) via a blog post.
Stating that the safeguarding of customer funds is priority, White said that Bakkt is working on multiple solutions to act as a regulated custodian of digital assets,
Bitcoin delivered upon contract settlement will be stored by Bakkt. To provide regulated custody, we have filed with the New York Department of Financial Services for approval to become a trust company and in this capacity serve as a Qualified Custodian for digital assets.
The post covers the extent to which Bakkt is setting up protocol to prevent the loss of user funds, including employing the same cybersecurity system that protects the New York Stock Exchange. Of the acquisition of DACC, White said,
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…DACC’s native support of 13 blockchains and 100+ assets will serve as an important accelerator, and we’re pleased to welcome Matthew Johnson, Adam Healy, and the entire DACC team to Bakkt.
Anthony Pompliano, ever one to sound the trumpet when a positive development takes place in the market, tweeted,
The New York Stock Exchange owners just announced that they bought a custodian service focused on Bitcoin and cryptocurrency.
This is just the beginning.
Every stock, bond, currency, and commodity will be digitized in the future.
GAME ON 🙏🏽
— Pomp 🌪 (@APompliano) April 29, 2019