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Digital Currency Revolution Series: Bakkt And Galaxy Digital Collaboration For Bitcoin Trading & Custody Services For Institutions
Time and again Intercontinental Exchange Inc.’s Bakkt has always been in the limelight as far as cryptocurrency derivatives marketplace is concerned.
Yes, Bakkt, for now, is associating with the renowned wall street veteran Novogratz’s Galaxy Digital Holdings Ltd. for the digital asset purchases and custody services for the mounting interests from the institutional clients.
Galaxy Digital, the diversified financial services and investment management company providing quality digital asset exposure for institutional and accredited investors, and Bakkt, the digital asset derivatives trading and custody platform majority-owned by Intercontinental Exchange ("ICE"), announced their partnership to launch a collaborative white-glove service for asset managers looking to acquire, build positions in and store bitcoin ("BTC").
Galaxy Digital has already been functioning in over-the-counter (OTC) space by having trading desk as they observed growing interest from institutions since the pandemic circumstance.
"We designed this partnership to service the uptick in demand our two firms have received from traditional asset managers seeking access to physical bitcoin," said Tim Plakas, Head of Sales at Galaxy Digital Trading. "These funds expect the same caliber of market knowledge and trade execution expertise in BTC as they would expect from any established traditional finance desk, and Galaxy provides that, while Bakkt delivers the high level of regulatory-compliant security required for storing digital assets. Together, Galaxy Digital and Bakkt offer a safe, efficient, and well-regulated route into physical bitcoin access, one that has been already proven successful in the macro hedge fund space."
Galaxy Digital Trading ("GDT"), Galaxy Digital's affiliate, is providing market access and trading capabilities, while the Bakkt Warehouse, a qualified custodian of bitcoin regulated by the New York State Department of Financial Services, is safeguarding digital assets for clients. This direct connectivity between Galaxy Digital and Bakkt enables the two companies to offer clients best-in-class efficiency through the entire process of onboarding, trade execution and storage of their digital assets.