Institutional platform Bitcoin-f & # 39; yuchersav Bakkt announced on Monday, April 29, to buy the company's Digital Asset Custody Company (DACC), and also disclosed the partnership with a major US bank BNY Mellon.
Having worked in the crypto space developing advanced trading and custody solutions since 2013, it & # 39; s clear to our COO @WhiteAdamL that ironclad infrastructure and a security-first mindset are fundamental to storing digital assets https://t.co/FivUb8bZtw
– Bakkt (@Bakkt) April 29, 2019
According to the company's blog COO Adam White, Bakkt acquired DACC to further develop solutions for the secure storage of digital assets. According to him, the team shares the commitment DACC Bakkt put safety first, and also be able to share valuable experience in the development of secure and scalable solutions custody.
He also made it clear that with the purchase of DACC offer Bakkt can spread to other cryptocurrency.
"We are studying the possibility of scaling and support for additional digital assets, and native support for 13 blokcheynov and more than 100 asset that offers DACC, will give us a significant acceleration" – wrote Adam White, formerly one of the top managers Coinbase.
In order to solve the problem of storage assets Bakkt also entered into a partnership with a bank BNY Mellon, in which is working on a "geographically dispersed" private key system.
"Over the years, BNY Mellon has established itself as a trusted custodian of the assets of institutional clients, including hedge funds and broker-dealer company" – White says.
Additionally Bakkt provided insurance coverage for the assets that it will be stored in a cool wallets:
«Bakkt uses architecture as a hot (online) and cold (offline) wallets for storing client assets. Most of the assets are stored outside of the network in a physically separated cold purses, which are insured for $ 100 million under the sponsorship of the world's leading insurance companies " – Adam White said.
The names of these companies, however, he did not lead.
Additionally Bakkt representative confirmed that the company intends to get BitLicense – permit to conduct activities in the State of New York. It is assumed that this can be a powerful argument in negotiations with the Commission on the US Commodity Futures Trading (CFTC), which still has not given the green light to launch deliverable Bitcoin-f & # 39; yuchersav.
As previously wrote ForkLog, investment valuation Bakkt already can reach $ 740 million. This was made possible thanks to a massive funding round of Serie A by $ 182 million, which was attended by Microsoft, Boston Consulting Group, Galaxy Digital and others.
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