Galaxy Digital and Bakkt Launching Bitcoin (BTC) Trading and Custody Service for High Net Worth Investors

Crypto investment company Galaxy Digital and Bitcoin derivatives company Bakkt are teaming up to launch a Bitcoin trading and custody service for institutional investors.

According to a press releasethe platform will target asset managers who want to acquire BTC, build and store positions.

Galaxy Digital Trading (“GDT”), Galaxy Digital’s affiliate, provides market access and trading opportunities, while Bakkt Warehouse, a qualified Bitcoin custodian regulated by the New York State Department of Financial Services, protects digital assets for customers.

This direct connectivity between Galaxy Digital and Bakkt enables the two companies to provide customers with the very best efficiency during the entire process of onboarding, trading and storing their digital assets. ”

Tim Plakas, Galaxy Digital Trading Head of Sales, says the partnership will help both companies meet growing demand from wealthy investors.

“We designed this partnership to meet the growing demand that our two companies have received from traditional asset managers seeking access to physical bitcoin.

These funds expect the same level of market knowledge and trade execution expertise in BTC as they would expect from an established traditional finance department, and Galaxy provides this, while Bakkt provides the high level of security required for the storage of digital assets. ”

The new service, which gives customers direct access to both companies through a single sign-up process, is now live.

Galaxy Digital Trading’s over-the-counter trading desk processed more than $ 1 billion in volume in the first quarter of 2020. Bakkt, owned by Intercontinental Exchange, says it currently has 70 customers using its warehouse to store BTC.

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