The Intercontinental Exchange’s subsidiary crypto custody and derivatives platform Bakkt has partnered with crypto asset manager Galaxy Digital to launch a ‘white glove’ service for institutions seeking Bitcoin exposure. The partnership will see the crypto asset manager Galaxy Digital Trading’s (GDT) matching engine and trading platform offered alongside Bakkt’s digital asset custody services. Galaxy Digital’s Tim Plakas said that this partnership would service the uptick in demand our two firms have received from traditional asset managers seeking physical Bitcoin access.
The partnership is established in response to the strong institutional demand for bitcoin.
According to the Bloomberg report, Bakkt’s custody head John Conneely said that this partnership with Galaxy Digital was established in response to strong institutional demand for crypto asset exposure. The partnership will see GDT source liquidity from over 30 market makers, with trading taking place 24 hours a day, throughout the year. GDT generated over $1 billion in digital asset volume during the first quarter of this year, spanning its spot, lending, derivatives, and structured crypto products. According to the official announcement, the companies plan to offer a “white-glove” service for institutional asset managers looking to acquire, build positions in, and store Bitcoin.
“Galaxy Digital’s execution expertise and Bakkt’s custody solution are highly complementary.”
John Conneely, Bakkt’s head of custody business development, said that alongside their adoption of safekeeping requirements that are unique to the digital asset class and its infrastructure. He added that the Bakkt Warehouse uses the same best-in-class, trusted enterprise security framework that protects ICE’s dozen exchanges worldwide, including the New York Stock Exchange. He further claimed that as one of the largest trading operations in the digital asset space, Galaxy Digital’s execution expertise and Bakkt’s custody solution are highly complementary.
Bakkt is also working on other major initiatives, including a retail-focused crypto app, which is still under development. However, recently revealed details show the app will link with other third-party wallets and feature loyalty and game reward points.
