Bakkt disclosed information about cooperation …

Bakkt disclosed information on cooperation with BNY Mellon and insurance coverage of client assets

The crypto platform of the New York Stock Exchange owner Bakkt acquired the Digital Asset Custody Company (DACC), insured the assets it will hold in custody after launch, and entered into an agreement with BNY Mellon Bank.

Bakkt COO Adam White, a former senior executive at Coinbase, today posted on the company’s blog about an acquisition aimed at further developing solutions for the secure storage of digital assets. White said the DACC team shares Bakkt’s security-first approach and will be able to share their expertise in developing secure and scalable custody solutions with the company..

White also admitted that Bakkt’s offer will not be limited to Bitcoin futures alone: ​​”As we intend to scale and support storage of additional digital assets, native support for 13 blockchains and 100+ DACC assets will give the necessary acceleration to these initiatives.”.

In addition, Bakkt is working with BNY Mellon to create a “geographically dispersed” private key system to address the asset storage problem, White said. BNY Mellon has established itself over the years as a reliable custodian of institutional clients’ assets, including hedge funds and broker-dealer companies, added COO Bakkt.

Bakkt disclosed information about cooperation ...

The trading platform has also provided insurance coverage for the assets it will store offline: “Bakkt uses both warm (online) and cold (offline) wallet architectures to store customer assets. Most of the assets are stored offline in physically separated cold wallets, which are insured for $ 100 million with guarantees from the world’s leading insurers, “White wrote, but did not give the names of insurance companies..

He also confirmed earlier reports in the media that Bakkt intends to obtain a Qualified Asset Custodian license in New York State, which could help it persuade Commodity Futures Trading Commission (CFTC) to your side.

Bakkt disclosed information on cooperation ...

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