Bakkt is taking what it hopes will be another significant step toward obtaining regulatory approval as its parent company – Intercontinental Exchange (ICE), acquires Bitcoin custody platform. ICE also plans to register the company as a licensed trust in New York State.
ICE Acquires Bitcoin Custody Platform
Bakkt announced the news in a Medium post by company Chief Operating Officer (COO) Adam White. According to the announcement, ICE has completed the acquisition of Digital Asset Custody Company (DACC).
The move is the latest step by Bakkt to smoothen the process of obtaining approval from the U.S. Commodity Futures Trading Commission (CFTC). So far, the launch of the company’s physically-backed Bitcoin futures contract has faced several delays and postponements.
Apart from acquiring DACC, ICE also plans to registered Bakkt as a licensed trust in the state of New York. Reports indicate this plan is borne out of the CFTC’s objection to Bakkt’s original plan of “warehousing” physical BTC.
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