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As of April 29th, New York Stock Exchange owner-operator, Intercontinental Exchange Inc. (ICE), has taken a huge leap in order to assert their commitment to Bakkt, the much hyped cryptocurrency platform.
Bakkt COO Adam White announced that Bakkt has acquired Digital Asset Custody Company (DACC), a crypto-custodian startup. This move ensures a native support of 13 different blockchains and 100+ assets, which he claims, “will serve as an important accelerator.” This announcement comes as a relief and proof of progress, after previous missed deadlines caused some concerns over the custody plans.
White focuses on the plans for future development, pointing out his vision for an ironclad infrastructure, and a security-first mindset, all leading to the future of digital asset infrastructure. While promising to build products to solve real world problems, White claims to “enable efficient payments for companies like Starbucks”.
Bakkt is now drawing attention to the importance to safeguarding customer funds, so as to put the investors’ minds at rest. White’s post on Medium aims at exactly this. By welcoming new members- Matthew Johnson, Adam Healy, and the DACC team, on board, he has made the importance of putting together the right team and exploring full potential, quite clear.
He points out the two year long development process for solutions, putting to use ICE’s institution grade hardware, controls, cybersecurity systems and overall expertise, while also tailoring the required protection for the cryptocurrency domain. Managing both simultaneously is a challenge very few are prepared for.
With novel yet complex ideas that include both warm and cold wallet architecture, multi factor authentication and the NYSE’s own cybersecurity programs, Bakkt is doing the best it can to assure everyone of the security.
Bakkt boasts high levels of security, both in terms of keys (FIPS 140-2 level 3 or higher) as well as physical protections. White has also revealed that the major bank and holdings company, BNY Mellon, is working closely with Bakkt to provide the banks with secure, geographically distributed private key storage. The fact that ICE has the potential to make cryptocurrency reach new heights, is hardly new knowledge. Hence, it doesn’t come as a surprise when people watch this venture with rising interest, and White promises to keep us updated on any progress made.
Meanwhile, White has also assured that Bakkt has filed with the New York Department of Financial services for permission to operate as a trust company, which would allow the firm to act as a Qualified Custodian for digital assets.
With widespread anticipation over the launch, and close competition by LedgerX, which is already ahead in terms of launching, there is much in store as far as the physical Bitcoin realm is concerned. While Bakkt has promised a launch later this year, this movement might just be enough to hold on to the interest of people for a long enough time.
A novel idea like this certainly takes time to bring to fruitful completion, and all we can do, for now, is wait. In the meantime, Bakkt is definitely not standing still. It continues to build on its existing systems, perfecting its product, until the very end.
We can safely say, Bakkt is planning something, and they’re planning something big. With all major moves made, it only remains to be seen, whether or not Bakkt will live up to it’s the expectations, and be able to face the pressure placed on it right from its inception.