Bakkt acquires digital asset management company DACC to develop digital asset storage solutions

On April 29, Adam White, a former Coinbase executive and chief operating officer of Bakkt, said in a blog that Bakkt has acquired Digital Asset Hosting (DACC) to continue developing a secure digital asset storage solution. At the same time, Bakkt is also working with BNY Mellon to create a “geographically distributed” private key storage system. He also confirmed that Bakkt is applying for a escrow license through the New York Financial Services Department. If approved, the exchange will be able to provide regulated hosting services for any cryptographic assets it holds, which may help it launch physical bitcoin contracts in the future.