May 24, 2022

Bakkt platform opens custodian service for institutional investors

Bakkt Trading Platform Announces Bakkt Warehouse Custody Service for Institutional Investors approved by the New York Department of Financial Services (NYDFS).

In its blog, Bakkt stated that previously BakktWarehouse was available only to those who trade futures on the platform, and now any organization can use the service. In addition, the platform described the service as "an indispensable link for the adoption of bitcoin among institutional market participants."

“To securely store digital assetsA complex approach. Institutions and experienced investors need more than advanced technology. Reliable infrastructure, continuous monitoring of operations and independent monitoring are important for them, ”the Bakkt blog says.

Notably, crypto enthusiasts expectedthe emergence of custodial services since 2017. Among them is the founder of the Galaxy Digital cryptocurrency bank, Michael Novogratz, who recently stated that the launch of Bakkt is an important step in accepting bitcoin by credit and financial institutions.

Note that on November 8 the daily trading volumeBitkt futures on Bakkt reached $ 15 million, and 1,756 futures contracts were involved in trading. In 2020, Bakkt plans to launch an application with which users can pay for purchases with cryptocurrency.