Bakkt Acquires Custody License In An Effort To Quell CFTC Concerns

It has been reported that the Intercontinental Exchange (ICE) has been taking steps to ensure approval from the United States Commodity Futures Trading Commission (CFTC) for its bitcoin futures contracts platform - Bakkt.

In line of this initiative the operator of the New York Stock Exchange (NYSE) acquired cryptocurrency custodial service provider as well as planning to register Bakkt as a licensed trust in the state of New York.

If the company’s plan pushes through Bakkt will become a registered and licensed Bitcoin (BTC) custody platform.

There are also reports indicating that the company will be partnering with the Bank of New York (BNY) Mellon for the storage of cryptocurrency security keys.

Bakkt’s DACC purchase is part of a grander ambition to become a certified cryptocurrency custodian which many believes will smothen the CFTC approval process.