A few months ago, Intercontinental Exchange (ICE) announced its plans to get into the Bitcoin and digital asset rumble. ICE, which also owns the New York Stock Exchange (NYSE) and a cryptocurrency subsidiary called Bakkt, pushed that narrative forward with its acquisition of a cryptocurrency custodian service called Digital Asset Custody Company (DACC) for an undisclosed amount.
ICE also moved forward with making Bakkt a registered trust within New York state. Stifled by regulatory objections and delays, Bakkt has been forced to wait on the sidelines to be knighted as a legitimate figure. If Bakkt’s application is approved, ICE will earn the status of “qualified custodian,” making it legally possible to hold cryptocurrency assets tied to futures contracts.
In comments to Fortune, CEO of Bakkt, noted that the company is sticking to its vision of being the premier custody solution in crypto. “There is no pivot. From the ground up what ICE has been building for two years is the safest version of a custody solution for…