THELOGICALINDIAN - Bakkt is demography what it hopes will be addition cogent footfall against accepting authoritative approval as its ancestor aggregation Intercontinental Exchange ICE acquires Bitcoin aegis belvedere ICE additionally affairs to annals the aggregation as a accountant assurance in New York State
ICE Acquires Bitcoin Custody Platform
Bakkt appear the account in a Medium post by aggregation Chief Operating Officer (COO) Adam White. According to the announcement, ICE has completed the accretion of Digital Asset Custody Aggregation (DACC).
The move is the latest footfall by Bakkt to abrade the action of accepting approval from the U.S. Commodity Futures Trading Commission (CFTC). So far, the barrage of the company’s physically-backed Bitcoin futures arrangement has faced several delays and postponements.
Apart from accepting DACC, ICE additionally affairs to registered Bakkt as a accountant assurance in the accompaniment of New York. Reports announce this plan is borne out of the CFTC’s argument to Bakkt’s aboriginal plan of “warehousing” concrete BTC.
If approved, Bakkt operating as assurance would be able to action as a accountant Bitcoin custodian. With the DACC aggregation actuality chip into Bakkt, White believes the aggregation could alike aggrandize its artefact band in the future.
According to Fortune, the ICE-subsidiary affairs to absorb the DACC CEO as able-bodied as all the added employees. There is, however, no chat yet on how abundant ICE paid to access the New Jersey-based cryptocurrency aegis platform.
If approved, Bakkt will become the latest aspirant into the accretion acreage of cryptocurrency custodians. Already, companies like Coinbase and Circle action aegis accoutrement for basic currencies and Fidelity has its own committed agenda asset aegis service.
Bakkt Keen on Addressing CFTC Fears
For Bakkt CEO, Kelly Loeffler, these latest accomplish do not announce a change in the company’s approach. Instead, Loeffler opines that they are in band with its aboriginal eyes additional the charge to bound access authoritative blooming light.
Commenting on the amount to Fortune, Loeffler said:
As ahead appear by Bitcoinist, Bakkt acquired some assets acceptance to Rosenthal Collins Group (RCG) aback in January 2019. The aggregation additionally aloft added than $180 million from big-name investors like Microsoft, as able-bodied as a cogent equity accord with Starbucks.
Will the accretion of DACC advice get Bakkt over the CFTC approval line? Let us apperceive your thoughts in the comments below.
Images via Twitter @WhiteAdamL, Shutterstock
