Bakkt latest acquisition of DACC is viewed as an attempt to push forward its regulatory approval of a crypto custodian. Bakkt has also collaborated with banking firm BNY Mellon to securely distribute private keys.
Bitcoin custody service will be launched by Fidelity Investments in March. Ethereum custody is expected to be offered next.
Financial institutions all over the world partner to explore and adapt the blockchain technology to financial needs.
The banks are planning to develop a new digital cash to serve as a standard for financial trades settlement.
Thirteen top banks, including Citi, Bank of America and Deutsche Bank, have joined a consortium led by financial tech firm R3 that is developing blockchain technology for the financial industry.
Arjan van Os, Head of ABN AMRO Innovation Centre, has praised the blockchain technology in a blog post on the bank’s website.
A recently published report on the Wall Street Journal claims that some major US’s proprietary trading and investment giants are showing signs of interest in getting their feet soaked in Bitcoin, a move that is already predicted to change drastically the digital currency.