ICE’s Bakkt acquires crypto custodian & partners with BNY Mellon for key storage

posted 28 days ago
Pending Bitcoin futures exchange Bakkt acquired the Digital Asset Custody Company (DACC), secured insurance for funds held in cold storage, and revealed a partnership with BNY Mellon. Bakkt’s COO Adam White said it acquired DACC to continue developing a secure digital asset storage solution.

Bakkt partnered with BNY Mellon to set up “geographically-distributed” private key storage. White said BNY Mellon has a long history of storing institutional clients’ assets, including hedge funds, asset managers and broker-dealers. “Bakkt uses both warm (online) and cold (offline) wallet architecture to secure customer funds. The majority of assets are stored offline in air-gapped cold wallets that are insured with a $100,000,000 policy underwritten by leading global insurance carriers.” Bakkt also seeks a qualified custodian license through the New York Department of Financial Services.
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