NEW YORK (Reuters) – The New York State Department of Financial Services announced on Friday that it granted a license to Bakkt Trust Co LLC to operate as a limited liability trust company.

Bakkt is a cryptocurrency platform affiliate of Intercontinental Exchange Inc (ICE.N), which also owns the New York Stock Exchange.

In a statement, DFS said it has authorized Bakkt to provide custody services for bitcoin in conjunction with the launch of physically delivered bitcoin futures contracts.

Bakkt will serve institutional customers and its bitcoin futures contracts will be listed for trading on ICE Futures US and cleared through ICE Clear US, the DFS said.  Both entities are affiliates of Bakkt.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama

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