Bakkt has partnered with Galaxy Digital to expand the provision of crypto-related services to institutional clients
Bakkt has partnered with Galaxy Digital, The company of Mike Novogratz. The goal of the two companies is to provide even better means to buy, sell and store Bitcoin with services aimed at institutional investors.
The agreement brings together Galaxy Digital through its Galaxy Digital Trading, dedicated to sophisticated business operations, and Bakkt Warehouse, the Bakkt solution for Bitcoin custody services. His association aims to offer clients the best possible service in terms of trading and custody of digital assets.
Tim Plakas, head of sales at Galaxy Digital Trading, described this "alliance" as a response to growing demands of merchants, experienced by both Bakkt and Galaxy. They hope to find in the cryptocurrency market the same experience and knowledge that they find in traditional markets:
“Galaxy provides that, while Bakkt offers the high level of security that meets the regulations required to store digital assets. Together, Galaxy Digital and Bakkt offer a safe, efficient, and well-regulated path to physical access to bitcoin, one that has already proven successful in the macro hedge fund space. ”
For John Conneely, responsible for the development of the custody business of Bakkt, the agreement with Galaxy Digital is strategic:
"As one of the largest business operations in the digital asset space, Galaxy Digital's execution experience and Bakkt's custody solution are highly complementary."
Bakkt and Galaxy Digital bring Bitcoin to institutions
Bakkt continues its expansion. Since the launch of its Bitcoin underlying futures product, it has seen its volumes grow, particularly during the busiest periods for the cryptocurrency market.
As the CEO explained, Adam White, the objective is to make digital assets a conventional product.
An opinion similar to that of Mike Novogratz, one of the most famous bitcoin enthusiasts, to the point of defining BTC as the only true digital gold.
An idea that he transmitted to his Digital Galaxy, which can boast of having exchanged bitcoins and cryptocurrencies for a total amount of billion dollars in the first quarter of 2020.
Collaboration between the two companies can only lead to easier adoption of Bitcoin and cryptocurrencies for institutional investors.
Furthermore, recent research shows that the institutional investor interest towards the cryptocurrency sector is constantly growing, but one obstacle is the lack of adequate financial tools. The long-awaited solution It could come from Bakkt and Galaxy Digital.