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Digital Galaxy to enable more Bitcoin institutional traders via partnership with Bakkt

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Two prominent digital currency Industry players, Galaxy Digital and Bakkt, are preparing grounds for more Bitcoin institutional traders and investors. Both companies recently reached a partnership to establish a Bitcoin trading service for the institutions, as demands are growing relatively. 

Digital Galaxy prepares more ground for Bitcoin institutional traders

Per the announcement, the trading arm of Mike Novogratz’s digital asset investment bank, Galaxy Digital Trading, intends to roll out a Bitcoin service that will enable asset managers and others that are looking to become a Bitcoin institutional trader to store, as well as trade the cryptocurrency. This is coming as demand for physical Bitcoin among the traditional asset managers surged.

Tim Plakas, an official at Galaxy Digital Trading, noted that these funds would expect to experience the same trading and market expertise with Bitcoin, similar to other traditional finance avenues. Hence, it partnered with Bakkt, a cryptocurrency derivatives trading platform, to establish a favorable environment for the would-be Bitcoin institutional traders and investors.

Together, Galaxy Digital and Bakkt offer a safe, efficient, and well-regulated route into physical bitcoin access, one that has been already proven successful in the macro hedge fund space.

Bakkt to provide its custody service

The planned “white-glove” Bitcoin service would be facilitated by Galaxy Digital Trading’s rich knowledge in digital asset trade executions. On the other hand, Bakkt will support the platform by providing custody for the assets through its Bakkt Warehouse.

Bakkt Warehouse is the company’s platform for cryptocurrency custody service. It supports both the cold/offline storage of crypto assets, as well as the hot/online storage. Reportedly, it is backed by a $215 million insurance policy, with best-in-class Integration to ensure adequate security for crypto assets.

Perhaps, the development complements the recent survey by Fidelity, concerning Bitcoin institutional traders and investors. As Cryptopolitan reported, a considerable percentage of institutional investors are holding Bitcoin in their portfolio.

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Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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