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Bakkt Makes its First Acquisition Even Before Launch, Acquires Digital Asset Custody Company (DACC)

ICE, which is currently developing the Bakkt platform, announced the acquisition of a digital assets custodian on Monday. Acquired custodian’s name is Digital Asset Custody Company (DACC).

April 30, 2019 12:04
ICE the owner of NYSE
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ICE’s much awaited Bakkt platform might not have launched till now, but in the meantime it’s getting better and better with every passing day. On Monday it announced the acquisition of a digital assets custodian to add one more feather in its cap even before its launch. In a blog post published on the official Bakkt blog company’s COO Adam White (who has been an executive at Coinbase in past) said that Digital Asset Custody Company – popularly known as DACC – has now been acquired by Bakkt.

The acquisition can make Bakkt support a large number of blockchains and tokens in a short time as DACC already supprts more than 13 blockchains and 100+ assets. This was confirmed by Adam White as well in the blog post published by him to announce the purchase of DACC. He said:

As we look to scale and support custody of additional digital assets, 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.

White also revealed in the same announcement that Bakkt has filed with New York Department of Financial Services (NYDFS) to operate as a trust company, which will allow it to operate as a qualified custodian for digital assets. This is crucial for the company, as it wants to launch world’s first physically-delivered Bitcoin futures. The futures will be traded on ICE Futures US platform, and they’ll be cleared on ICE Clear US (ICUS) platform, which is a regulated exchange and clearinghouse operating under the oversight of Commodity Futures Trading Commission (CFTC).

On 18th of April Bloomberg ha also said in one of its reports that Bakkt wants to acquire a Bitlicense to launch its Bitcoin futures.

ICE is the operator of 23 major global exchanges, including the New York Stock Exchange (NYSE). the 24 exchange powered by Microsoft and Starbucks, called Bakkt, is set to launch in August 2018 if not delayed due to some other reasons as it was delayed earlier. Let’s see whether that happens or not!

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)


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