The bitcoin futures exchange Bakkt, still awaiting approval from the U.S. Commodity Futures Trading Commission (CFTC), has acquired digital asset custody company DACC and partnered with Bank of New York Mellon (BNY Mellon) to enhance its institutional offerings.
Strategic Acquisition of DACC
In a blog announcement on April 29, Bakkt COO Adam White revealed the acquisition, emphasizing DACC's alignment with Bakkt's security-first philosophy:
"DACC shares our commitment to security-first thinking and brings extensive experience in providing scalable custody solutions for institutional clients."
Key details:
- Acquisition cost remains undisclosed
- DACC supports 13 blockchains and 100+ digital assets natively
- Team integration includes DACC executives Matthew Johnson and Adam Healy
👉 Discover how institutional custody solutions are evolving
Partnership with BNY Mellon
Bakkt is collaborating with BNY Mellon to implement:
- Bank-guaranteed geographically distributed private key storage
- Multi-layered security protocols leveraging BNY Mellon's institutional asset protection expertise
Wallet Security Architecture
Bakkt employs a hybrid wallet system:
Cold storage: Majority assets held in air-gapped offline wallets
- Insured by a leading global provider ($100M policy)
- Hot wallets: For operational transactions
Security measures:
- Multi-signature controls
- Role-based permissions
- Address whitelisting
Regulatory Progress
Bakkt is pursuing:
Qualified Custodian License from NYDFS
- Would enable regulated custody services
CFTC approval for physically-delivered bitcoin futures
- Current solution involves ICE Clear US (pending regulatory clarity)
Commercial Applications
Bakkt plans to enable blockchain-based value transfer services for corporate partners:
"We're starting with value transfer—providing faster, cheaper payments for companies like Starbucks. Secure digital asset storage forms the foundation."
👉 Explore the future of blockchain payments
Frequently Asked Questions
Q: When will Bakkt launch its bitcoin futures?
A: Launch timing depends on CFTC approval of ICE Clear US's clearing solution.
Q: What assets will Bakkt custody initially?
A: While starting with bitcoin, DACC's multi-asset infrastructure allows future expansion.
Q: How does BNY Mellon's involvement benefit users?
A: Brings institutional-grade asset protection standards and bank-backed security.
Q: Will Starbucks accept bitcoin payments?
A: Bakkt's infrastructure will enable crypto-based payments, though implementation details remain undisclosed.
Q: What makes Bakkt's custody solution unique?
A: Combines exchange, custody, and banking partnerships under regulated oversight.
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