Crypto News: Fireblocks Trust Partners with Galaxy and Bakkt for Institutional Crypto Custody
The post Crypto News: Fireblocks Trust Partners with Galaxy and Bakkt for Institutional Crypto Custody appeared on BitcoinEthereumNews.com.
Fireblocks Trust partners with Galaxy and Bakkt to expand regulated crypto custody, securing $10 trillion in assets under NYDFS oversight. Fireblocks Trust Company recently announced a key custody partnership with Galaxy, Bakkt, FalconX, and Castle Island. This collaboration is aimed at the enormous growth of regulated digital asset infrastructure. It is a clear call that traditional finance players are now moving in deep into the digital asset space. This is an important development for the maturity of the market. SEC Clears Path for Crypto Custodians Fireblocks Trust Company is a New York State-regulated custodian. It comes under the direct control of the NYDFS. The firm is rolling out a huge framework of custody. This framework is aimed at addressing the rising institutional needs for ETFs and digital asset treasuries (DATs) in particular. It also supports the launch of tokens for foundations and protocols. Related Reading: U.S. Bancorp Restarts Crypto Custody Service After SEC Rule Change | Live Bitcoin News This regulated environment is vital to fiduciary responsibility. It provides the best protection of digital assets. Fireblocks Trust comes up with discrete asset segregation. This helps to increase the transparency of markets as well as to execute effective risk management. The company forms its infrastructure on the advanced cold storage technology of Fireblocks. Related Reading: The infrastructure is directly linked to a huge network of over 2,400 financial institutions. Andrew Taubman, Deputy Chief Operations Officer at Galaxy, said the partnership brings some important capabilities. He said this is in support of secure, compliant growth across digital asset markets. This gives a secure bridge between the legacy and the crypto world. A major regulatory event helped pave this pathway for state trust companies. The SEC’s Division of Investment Management issued a no-action letter on September 30. This guidance clarified that the state-chartered…
