Custody services for institutional clients offered by Bakkt

Custody services for institutional clients offered by Bakkt

Bakkt branch of Intercontinental Exchange announced on Monday that it will provide custody services for institutional clients. If the service was initially offered only to those who traded physically liquidated futures contracts, it has now been extended to all types of investors.

Companies that have already signed up to use “Bakkt Warehouse” services include Pantera Capital, Galaxy Digital and Tagomi. Other major companies are expected to join them in the coming weeks.

The announcement regarding custody services was made after the New York Department of Financial Services (NYDFS) granted Bakkt approval for this service.

Custody services for regulated institutional clients

In a blog post, COO Bakkt, Adam White, commented on the “critical link … between bitcoin institutional adoption and custody services”:

“When investors have easy access to regulated custody services that offer trusted and secure systems, the potential of this emerging technology class can expand,”

he wrote.

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White also presented details about the Bakkt Warehouse service:

“The Bakkt warehouse also uses physical, operational and cyber security guarantees. Our relationship with the intercontinental exchange (NYSE: ICE), at the Fortune 500, which owns and operates the market infrastructure, allows us to uniquely address customer needs in the digital asset custody space. “

Bakkt uses a number of security features and features, including “dedicated network connectivity between operational sites”, redundant secondary facilities, geographically distributed signing operations, independent reporting structures and a host of other functions, White said.

There are also “24 × 7 video monitoring, armed guards and security operations and incident response teams”, the post shows.

Bakkt is working with BNY Mellon to support its geographically separated key storage function, according to an announcement in late August.

Secured deposits

Bakkt has already provided insurance up to $ 100 million in assets before launching futures contracts in September. The company announced Monday that “a global insurance union” is now offering a $ 125 million policy.

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The new products speak of a growing interest in bitcoin as an asset class.

“At Bakkt, we are committed to expanding access to the global economy, building trust and unlocking the value of digital assets,”

White wrote.

“Keeping digital assets safe is fundamental to our mission and our customer solutions. Whether we are talking about the first regulated market for Bitcoin price discovery or developing platforms that allow traders and consumers to interact easily using digital assets, custody is the essential service for everything we do. “


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