Bakkt Acquires Digital Asset Custody Company and Partners with BNY Mellon
By Jamie Green – Crypto Expert
Bakkt, the blockchain that is designed to support digital assets from storage to transactions, has acquired the Digital Asset Custody Company (DACC) and partnered with BNY Mellon for the development of their platform while continuing to develop secure digital asset storage solutions. The exchange hopes to provide institutional clients with refined custody of digital assets.
The acquisition hints towards Bakkt adding more cryptocurrency support after the launch as echoed by Bakkt COO Adam White: ‘As we look to scale and support custody of additional digital assets, DACC’s native support of 13 blockchains and 100+ assets will service as an important accelerator’. Bakkt believes that offering clients custody of more cryptocurrencies will encourage institutions to use their facilities when buying and selling Bitcoin.
The platform will be designed with a mixture of advanced systems designs and human expertise supported by robust operational controls for the security of the system. Many institutions are seeking for custody solutions with greater use. An institution buying crypto to trade frequently will require a system with easy, fast access that focuses on security.
The partnership with BNY Mellon will help apply similar rigor and safeguarding of clients’ funds. It will also help their digital asset in order to provide all the services an institution would need to buy BTC and store securely.
The focus is on building the future of digital asset infrastructure to help encourage adoption of the technology, supporting a variety of coins, products and services to achieve this. Bakkt have stated they leverage institutional-grade hardware, operational controls and security systems that are used by the Intercontinental Exchange (ICE). Some of these products Bakkt leverage include:
Wallet Architecture – Hot and cold wallet architecture.
Key Security – FIBS 140-2 level 3 or higher hardware security modules (HSM).
Physical Protections – Bank grade vaults and datacentres. 24/7 security.
Cybersecurity Program – Same cybersecurity program as New York Stock Exchange.
Operational Controls – Strict operational procedures by multiple geographic locations.
All have been incorporated into the platform for a secure experience for clients. Don’t forget you can use our platform to buy crypto UK from your trusted Bitcoin broker.