Bakkt Now Offering Custody Services To All Institutions After Receiving NYDFS Authorization
- ICE-backed platform receives authorization from the New York Department of Financial Services (NYDFS)
- Pantera Capital, Galaxy Digital, and Tagomi already working with Bakkt Warehouse
- Bakkt on way to breaking the last record of 1741 BTC set on Nov. 8
Bakkt is now making Bakkt Warehouse, the qualified custodian of Bitcoin accessible to all organizations.
Previously, this service was only for clients trading Bakkt Bitcoin Futures contracts. But now the ICE-backed platform has received consent from the NY Department of Financial Services (NYDFS) to offer bitcoin custody to all institutions.
As such, Bakkt is now offering its bitcoin custody solution to all organizations. Pantera Capital, Galaxy Digital, and Tagomi have already designated Bakkt Warehouse as their desired custodians.
According to Adam White, COO of Bakkt, custody is a crucial link in the institutional adoption of Bitcoin that would help in realizing the full perspective of crypto assets.
“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,”
Institutions and sophisticated investors the company says need proven infrastructure, robust operational controls, and independent oversight and Intercontinental Exchange (ICE) allows Bakkt to uniquely address these needs.
Bakkt is an NYDFS regulated company that has a “majority-independent” board with a $125 million insurance policy underwritten by a leading global syndicate of insurers.
Recently, the physically-settled Bitcoin futures contracts made a new all-time high by recording 1741 BTC (more than $15 million) contracts. The platform has been constantly making new records and today as well, it has already traded 1139 BTC contracts and is on its way to break the last record.