Intercontinental Exchange Inc (ICE) allegedly took advantage of the “crypto winter” to buy crypto assets at a rebate for its institutional digital currency exchanging platform called Bakkt.
ICE has especially been imposing on the sunken valuations of the crypto-centered organizations to make critical acquisitions as it anticipates regulatory permission to release its hotly anticipated Bitcoin futures trades Bakkt. Crypto winter has been a blessing for Bakkt, an official from its parent firm confirmed on Thursday.
Recently in an interview, Jeffrey Sprecher also stated that all that time ICE has been picking on talent, along with acquiring valuable assets.
Bakkt witnessed a wide range of major hires, with Mike Blandina entering the company as its chief product officer who was former engineering executive at PayPal and Google. Tom Noonan, a former cybersecurity expert at Cisco, IBM, and Endgame acquired the position of the chairman of Bakkt’s board of directors. Additionally, Coinbase veteran Adam White being designated as head of institutional custody and traded products and COO at Bakkt.
Earlier, Bakkt had declared the acquisition of some assets and employees from Rosenthal Collins Group which is an independent futures commission trader.
Sprecher said, “We’ve actually looked at a number of different companies and acquired a company earlier this week that wouldn’t have been available to us if the market had been really hot.”
Bakkt procured cryptocurrency custodian service firm called Digital Asset Custody Company according to Sprecher. The company further announced that it had registered an application with the New York Department of Financial Services to obtain a license for acting as a trusted company. It will eventually permit the firm to work as a Qualified Custodian for digital assets.