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Bakkt opens bitcoin custody service to all institutions

Tue, 12 Nov 2019, 05:52 am UTC

Bitcoin futures platform Bakkt has announced that it is opening up its bitcoin custody services to all institutions.

Bakkt Warehouse, Bakkt’s qualified custodian of bitcoin, initially only served clients trading the Bakkt Bitcoin Futures contracts. It started accepting bitcoin deposits on September 06 ahead of the launch of Bakkt’s much-awaited futures contract trading on September 23.

Bakkt had previously obtained a New York state trust charter from the NYDFS. Ahead of the launch, it had also announced that bitcoin deposited at Bakkt Warehouse was protected by a $125 million insurance policy.

On Monday, Bakkt announced that it has now received authorization from the New York Department of Financial Services (NYDFS) to offer bitcoin custody to all institutions.

According to the announcement, Pantera Capital, Galaxy Digital and Tagomi have already signed up as initial customers.

“In the coming weeks Bakkt will be onboarding additional marquee firms to our custody offering,” Bakkt said.

Calling custodial services as “the critical link” for institutional adoption of bitcoin, Bakkt COO Adam White 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.”

Expansion plans

On November 08, Bakkt announced that it set a new daily record of 1,756 Bakkt Bitcoin Futures contracts traded.

Late last month, Bakkt announced its plans to roll out its first-ever consumer app with Starbucks in the first half of 2020. But before that, it will be launching options contract for bitcoin futures on December 09.

“At Bakkt, we’re committed to expanding access to the global economy by building trust in and unlocking the value of digital assets. The secure custody of digital assets is the foundation of that mission and our solutions for customers,” White said.

“Whether it’s creating the first regulated market for the price discovery of bitcoin, or developing platforms that allow merchants and consumers to seamlessly interact using digital assets, custody is at the core of everything we do.”

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