Bakkt has announced that its Warehouse crypto custody service will be available starting September 6. The announcement on Twitter mentions:
“On September 6, the Warehouse service will begin providing secure storage of customers’ Bitcoin cryptocurrencies, in preparation for the Bakkt Bitcoin Daily & Monthly Futures launch on September 23.”
Bakkt Warehouse is a regulated custody service for digital assets, similar to Coinbase Custody and Grayscale Trust. These institutions ensure the safe storage of Bitcoin cryptocurrencies for their clients, mostly institutional investors.
In April, Bakkt acquired Digital Asset Storage Company (DACC), which supports 12 blockchain projects. Although Warehouse will initially only offer custody for Bitcoin, Bakkt intends to expand its services to include other digital assets.
Physically liquidated futures contracts and regulated custody
Bakkt announced in early August that it had secured the latest regulatory approval needed to launch the derivatives platform. The announcement comes more than a year after it first presented its plan to offer customers a regulated, physically liquidated bitcoin futures product.
Unlike cash-settled futures contracts, such as the one offered by CME, customers receive the real bitcoin they bet on when a contract expires.
The Warehouse service is insured and offers an institutional guarantee for trading. This means that many hedge fund managers and brokers will seek to join the program.
Analysts expect this to have a positive effect on the price of Bitcoin, by increasing market demand.
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