March 4, 2024

Bakkt platform opens custodian service for institutional investors

Trading platform Bakkt announced the opening of the Bakkt Warehouse custodial service for institutionalInvestors 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.

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

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