Bakkt Launches Bitcoin (BTC) Custody Solution for Heavyweight Crypto Clients
Bakkt says the company’s new custody offering for Bitcoin, called Bakkt Warehouse, is now available to all institutions.
Prior to this announcement, Bakkt Warehouse had only been providing custody services to clients trading Bakkt Bitcoin Futures contracts. Powerhouse crypto players are now signing on as clients, including Galaxy Digital, a full-service crypto merchant bank; Pantera Capital, an investment firm and hedge fund; and digital assets firm Tagomi.
After a slow start to its Bitcoin futures market, the new digital assets platform from Intercontinental Exchange, operator of the New York Stock Exchange, is picking up steam and remains on track to support Wall Street players and institutions in their bid to gain exposure to the world’s most popular cryptocurrency.
According to the announcement, Bakkt Warehous obtained approval from the New York Department of Financial Services to expand its offerings and can now provide Bitcoin custody solutions to institutional clients throughout the world.
Bakkt says custody is the critical link for adoption.
The Warehouse custody solution uses “extensive physical, operational and cybersecurity safeguards” such as biometrically-controlled bank-grade vaults to secure clients’ digital assets.