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5h ago

Fireblocks Trust Company Expands NY-Regulated Custody Network With Bakkt, Galaxy, FalconX and Castle Island

The New York–chartered trust uses qualified partners to give banks a compliant path into regulated digital-asset services.

Fireblocks expands qualified custody ecosystem with major institutional partners

Overview

  • The announcement formalizes partnerships with Bakkt, Galaxy Digital, FalconX and Castle Island under Fireblocks Trust Company’s NYDFS oversight.
  • The network integrates with the Fireblocks platform, which connects to more than 2,400 financial institutions and uses offline cold storage with auditability and asset segregation.
  • Galaxy’s July integration brings staking access to Fireblocks clients, with Galaxy reporting approximately $3.15 billion in staked assets.
  • Bakkt rebuilt its custody stack on Fireblocks technology to improve scalability and policy controls, complementing its NYDFS-licensed operations.
  • Regulatory shifts, including the SEC’s January rescission of SAB 121, are encouraging banks to pursue qualified crypto custody for ETFs, token launches and collateralized lending.