Bakkt takes what he hopes will be another major step towards obtaining regulatory approval as a parent company – Intercontinental Exchange (ICE), to acquire Bitcoin storage platform. ICE also plans to register the company as a trust in New York.
ICE acquires Bitcoin Custody Platform
Bakkt announced the news in a mid-term contribution by Chief Operating Officer (COO) Adam White. According to the announcement, ICE has completed the acquisition of Digital Asset Custody Company (DACC).
This step is the last step in Bakkt's goal to alleviate the process of obtaining approval from the Commodity Trading Futures Commission (CFTC). The launch of a futures futures contract supported by Bitcoin has so far faced several delays and delays.
In addition to acquiring DACC, ICE also plans to register Bakkt as a Trusted Trust in New York. The reports state that this plan is based on the CFTC's objections to the original Bakkt physical BTCs plan.
– Adam White (@WhiteAdamL) April 29, 2019
If approved, Bakkt, which would act as a trust, could act as a licensed bitcoin manager. With the DACC team, which is integrated into Bakkt, White believes the company can expand its product line in the future.
According to Luck, the ICE subsidiary plans to retain both the DACC CEO and all other employees. However, there is no word yet on how much ICE has paid for the New Jersey-based New Cryptocurrency Custody platform.
If approved, Bakkt will become the last entry into the expanding field of cryptocurrency custodians. Companies such as Coinbase and Circle offer tools for storing virtual currencies and Fidelity has its own dedicated digital asset management service.
Bakkt Keen on CFTC concerns
For CEO Bakkt, Kelly Loeffler, these last steps do not indicate a change in society's attitude. Instead, Loeffler believes that they are in line with his original vision and the need to quickly regain control green light.
Comments on this matter LuckLoeffler said:
There is no pivot. Basically, what ICE builds for two years is the safest version of digital asset management solutions.
As previously reported BitcoinistBakkt acquired some assets belonging to the Rosenthal Collins Group (RCG) in January 2019. The company also earned more than $ 180 million from major investors such as Microsoft, as well as a significant Starbucks business.
Will Bakkt's DACC Above the CFTC Approval Line Help? Let us know your thoughts in the comments below.
Pictures via Twitter @WhiteAdamL, Shutterstock