Galaxy Digital and Bakkt join forces with Fireblocks to expand institutional access to digital assets. The agreement integrates the Fireblocks Trust regulated by the NYDFS, Bakkt’s custody rails and on-ramps, and Galaxy’s staking and liquidity desks. The goal is to simplify onboarding, strengthen security and accelerate the use of stablecoins and on-chain operations by asset managers and custodians.
Fireblocks provides the technological engine with its NYDFS-regulated trust, which supports more than 120 chains, including the recent Sui and Avalanche. It is also developing a payments network with stablecoins that, according to the same source, targets up to $215 billion in annual global volume, with Circle and Conduit among its technology partners.
Bakkt, a qualified custodian licensed by the NYDFS, operates its storage, trading and fiat-to-crypto on-ramps on Fireblocks’ software. After acquisitions and a capital round, it has concentrated its model on those services, according to the cited data.
Galaxy integrates its staking platform into the same stack, allowing Fireblocks’ clients to earn on-chain yield while keeping assets under a single layer of keys. Galaxy also maintains a corporate treasury in Bitcoin and an extensive loan book.
Components and operation of the alliance
“We believe in blockchain innovations in addition to AI,” said Galaxy founder and CEO Michael Novogratz. Fireblocks manages the technology, Bakkt provides the license and vault, and Galaxy delivers staking and liquidity. The trio packages regulated storage, market depth and on-chain access at a time when, assets in custody could reach multi-trillion levels by 2030.
Fireblocks continues driving its stablecoin network toward the $215 billion transaction goal. The next step, is the full deployment of Galaxy’s staking for all Fireblocks customers.
In summary, the alliance aims to facilitate institutional onboarding, strengthen operational security and accelerate the use of stablecoins and on-chain activities, with an immediate roadmap focused on expanding staking within the Fireblocks ecosystem.
