Digital asset custody and derivatives solutions provider Bakkt has partnered with digital asset manager Galaxy Digital to develop a new bitcoin institutional product. The new partnership will see Bakkt ‘s custodial services offered alongside the Galaxy Digital Trading (GDT) engine match and trading platform.
As per Bloomberg ‘s interview with John Conneely, head of Bakkt ‘s custody, the new collaboration was inspired by the growing institutional demand for bitcoin exposure. Moreover, Galaxy Digital will seek liquidity from more than 30 market markers and will be able to trade on its GDT platform 24 hours a day. According to the Head of Sales at Galaxy Digital Trading, Tim Plakas:
“Asset managers and hedge funds considering this service can be assured by the high standards we hold as a publicly-traded company with audited, public financial statements and an institutional-sized balance sheet.”
New institutional bitcoin product will ease the growing institutional demand for BTC
Bakkt has been offering regulated bitcoin futures to clients since October of last year. Bakkt also offers institutional-standard custodial solutions for the secure storage of bitcoins dubbed Bakkt Warehouse.
On the other hand, Galaxy Digital, which is owned by Bitcoin enthusiast Mike Novogratz, offers a wide range of cryptocurrency financial solutions. The partnership between the two firms will see the best-in-class services offered by the two institutions come together to ease the growing demand for bitcoin exposure by major institutions.