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Bakkt and Galaxy Digital are jointly offering a new institutional offering

June 11, 2020

The Intercontinental Exchange’s custody platform for digital assets and derivatives Bakkt has partnered with Crypto Asset Manager Galaxy Digital to launch a “white glove” service for institutions seeking Bitcoin exposure (BTC).

The collaboration allowed Galaxy Digital Trading’s (GDT) correspondence engine and trading platform is offered in conjunction with Bakkt’s Digital Asset Custody services.

“We have designed this association to meet the growing demand from our two companies traditional asset managers looking to access Bitcoin, “said Tim Plakas of Galaxy Digital.

Bakkt and Galaxy Digital are jointly offering a new institutional offeringBakkt and Galaxy Digital are jointly offering a new institutional offering

“Together, Galaxy Digital and Bakkt offer a safe, efficient, and well-regulated route to access BitcoinPlakas added.

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Galaxy Digital and Bakkt come together

In an interview with Bloomberg, Bakkt custody manager John Conneely said so The association was founded in response to the strong institutional demand for cryptoactive exposure.

The association will show GDT that it receives liquidity from more than 30 market makers. Trading takes place 24 hours a day, 365 days a year. GDT generated more than $ 1 billion in digital assets in the first quarter of 2020and covers its cash products, loans, derivatives and structured crypto products.

“Asset managers and hedge funds considering this service You can be sure of the high standards we have as a companywith public and audited financial statements and a balance sheet of institutional size, “said Plakas.

Bakkt warehouse

Since the “Bakkt Warehouse” was launched last year, the ICE subsidiary has recruited more than 70 customers for its custody services.

Bakkt uses a combination of offline and online storage to save money, with most of the capital stored offline. The funds stored in the Bakkt warehouse are covered by an insurance policy of $ 125 millionCustomers can purchase additional coverage of more than $ 500 million.