Bakkt (an intercontinental exchange) has announced its acquisition of Digital Asset Custody Company (DACC), this move was done to to provide better security to its customers with a a purpose-built cryptocurrency custodian. Adam White, COO of Bakkt said, “…we’re excited to announce that we have acquired Digital Asset Custody Company (DACC). DACC shares our security-first mindset and brings extensive experience offering secure, scalable custody solutions to institutional clients.”
FIA BOCA 2019 has seen discussion on future of digital assets and the current regulatory climate. Adam White, the Chief Operating Officer of ICE’s Bakkt “The main advantage of Bakkt and ICE is that ICE takes opaque commodities and objects and creates regulatory clarity…This is a marathon, the winners and losers will not be revealed overnight.”
Starbucks has recently received an undisclosed amount of equity from Bakkt despite not being a direct cash investor. Starbucks spokesperson then commented, “At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as space evolves. Customers will not be able to pay for Frappuccinos with bitcoin.”
A renowned digital asset platform has successfully completed its first phase of funding and has received an undisclosed amount of investment from a Hong Kong billionaire, Li Ka-Shing who have also invested in a blockchain technology service provider company, Blockstream. Bakkt then confirmed that the total of $180 million funds received from the investors will be used for promotion.
The Bakkt platform has successfully raised $182 million worth of fund from 12 high profile investors and partners for its further expansion plan. Its CEO, Loeffler explained, “The platform continues to spearhead its vision of providing institutional access to digital assets. Furthermore, it is also actively working with merchants and consumers alike.”
The launch of Bakkt might get be postponed, Coindesk, the parent company of Bakkt is yet to receive approvals from the United States Commodity Futures Trading Commission (CFTC). The United States government has been in deep state as President Trump attempts to negotiate funding for the wall on the US-Mexico border. Hence, over 50% federal departments are now partially shut down.
The launching of Bakkt Bitcoin Futures Trading has been postponed to January 2019. The CEO of Bakkt, Kelly Loeffler explained, “As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied.”
The Bakkt affirmed that the Bitcoin futures contracts would be available for trade commencing from 12th December. The press release quoted, “The Bakkt Bitcoin (USD) Daily Futures Contract is a physically-settled daily futures contract for bitcoin held in Bakkt LLC.” The platform is backed by the Intercontinental Exchange (ICE), the parent company of the NYSE.
The former VP and General Manager of Coinbase, Adam White would be joining Bakkt serving as the chief operating officer. Bakkt is the new crypto platform that is set to unveil U.S. government approved Bitcoin Futures on its platform. White had been associated with Coinbase since its inception and recently, Jonathan Kellner took his place at the exchange.