March 5, 2021

Bakkt custodian service open to all institutional investors

Bakkt custodian service open to all institutional investors

Bakkt will begin offering bitcoin storage services after receiving regulatory approval in New York.

According to a company announcement, the New York City Department of Financial Services (NYDFS) gave Bakkt permission to start offering its corporate-level custody services to corporate clients.

Bakkt Warehouse, which is still stored inBitcoin associated with its futures product will open its doors to customers seeking to “protect their assets with Bakkt's corporate offering.”

The company’s blog notes increasedsecurity of the storage platform, including bank-level storage with biometric control and round-the-clock video surveillance. In addition, the digital assets held by Bakkt Warehouse are $ 125 million insured.

Galaxy Digital, as well as venture capital firm Pantera Capital and the crypto brokerage company Tagomi are already using the Bakkt custodian service.

Lack of a reliable way to store digitalof assets remains one of the reasons for the SEC's refusal to approve Bitcoin ETF applications. Back in September, the US Securities and Exchange Commission emphasized that storage is one of the main problems for the crypto industry.