Bakkt Announced Collaboration With Galaxy Digital

  • Galaxy Digital and Bakkt have declared a joint partnership in their blockchain trading ventures.
  • John Coneely the head of custody business development in Bakkt thinks
    that the two companies and their services are highly complementary to each other in their own benefits.
  • On the less bright side, despite the prospect that this contract may bring to both the companies, they have faced major ups and downs in the past few years.

Galaxy Digital and Bakkt have declared a joint partnership in their blockchain trading ventures. Often in the crypto market, the saying is that entering into new partnerships facilitates buying, selling, and storing the cryptocurrency. It is in a way providing an aperture to the digital assets. Along with their partnership, they also declared the custody service to institutional investors like banks, insurance companies, and so on.

Galaxy Digital’s Previous Ventures

Galaxy Digital is basically an investment company. It provides a wide range of digital assets services ranging from assets management, investment advice, and so on. The company’s founding took place recently in January of 2018 by Michael Novogratz. The the main aim was of institutionalizing the blockchain platform. The company has a very diverse history of collaborating with several blockchain companies to create world-class blockchain products. It has collaborated with companies like block.one to work on the development of the EOS blockchain platform. It also collaborated with the company named High Fidelity known for its virtual gaming platform.

A Brief History of Bakkt

On the other hand, Bakkt is a custody service on cryptocurrency assets which is affiliated by the Intercontinental Exchange or the ICE. Prior to Bakkt’s launch in 2018, there was a  declaration of Microsoft and Starbucks as its prime collaborators. Bakkt was issued a New York State Department of Financial Services (NYSDFS) charter. According to it, Bakkt was enabled to provide all kinds of custody services to Bitcoin.

The Galaxy Digital-Bakkt Partnership

Now let us have a brief insight into the partnership. On one hand where Galaxy Digital provides world-class investment and trading facilities, on the other hand, the Bakkt Warehouse protects all the client assets. According to Tim Plakas, the head of sales at Galaxy Digital, the partnership is seeking access to the physical attributes of Bitcoin. Likewise, John Coneely the head of custody business development in Bakkt thinks that the two companies and their services are highly complementary to each other in
their own benefits.

On the less bright side, despite the prospect that this contract may bring to both the companies, they have faced major ups and downs in the past few years. Galaxy Digital has continued to face major blows due to the coronavirus pandemic and has received very little revenues in the previous years. Similarly, Bakkt has faced major downfalls, it has failed to attract a single investor where it could trade its contract.

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