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

posted 6 months 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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