Breaking: Bakkt Expands Its Enterprise-Grade Crypto Custody Solution to All Institutions

Bakkt

Per a recent announcement by Bakkt’s official handle, Bakkt is now all set to offer Bitcoin custody to all institutions. Clients all over the world can now safeguard their assets using Bakkt’s enterprise-grade offering. Furthermore, the latter has also received authorization from the New York Department of Financial Services (NYDFS) to offer bitcoin custody to all institutions. 

Galaxy Digital Among Initial Customers

Source- Twitter

The list of firms that have signed up as initial customers include Pantera Capital, Galaxy Digital and Tagomi. Other firms are expected to join in a span of few weeks. 

Previously, Bakkt only provided custody services to clients trading Bitcoin’s futures contracts. The recent announcement comes with approval from the New York Department of Financial Services (NYDFS), which previously granted the company a trust charter.

From the COO’s Desk 

In the blog post, Bakkt COO Adam said, 

“When investors have ready access to regulated custodians whose security and processes they trust, the full potential of this emerging asset class and technology can flourish,”

said Bakkt COO Adam.

He further said, 

While technology provides the foundation by which we securely store customer funds, the Bakkt Warehouse employs extensive physical, operational and cybersecurity safeguards too. Our relationship with Intercontinental Exchange (NYSE: ICE), a Fortune 500 company that owns and operates the market infrastructure upon which the world’s largest financial institutions already rely, enables us to uniquely address client needs in the digital asset custody space.

Security is Prime For Bakkt

Although, new to the crypto space, Bakkt employes a large number of safeguards. The security features include dedicated network connectivity between operational sites, redundant secondary facilities, geographically-distributed signing operations, independent reporting structures and a number of other features Also, Bakkt has secured insurance for up to $100 million in assets prior to the launch of its futures in September. In a recent update, Bakkt is now insured with a $125 million policy underwritten by a leading global syndicate of insurers.

What will be the next development on the Bakkt platform? Let us know, what you think in the comments below!

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