Bakkt has just announced that they have added over 70 new custody clients and given them the option to be covered by an insurance policy that provides coverage of more than $600 million.
The Bitcoin warehouse made the announcement on Monday, through a blog post. It further added that it closed a partnership with the insurance broker, Marsh, in order to provide approximately $500 million in coverage.
Bakkt clients would need to buy this insurance on their own, making an addition to the custodian's already existing coverage of $125 million. Marsh has been active in the crypto industry ever since 2018. It provides and facilitates insurance for Ledger and Crypto.com.
Bakkt Completed the SOC 1 Type I Examination
Bakkt said it has, at the moment, over 70 custody service customers. To build trust and to gain these new clients, the company completed the SOC 1 Type I examination conducted by KPMG. SOC 1 Type I is a type of evaluation on how firms report controls at a specific moment in time.
PricewaterhouseCoopers also conducted the SOC 2 Type II examination on Bakkt's enterprises and the infrastructures Intercontinental Exchange, its parent firm, hosts. This type of analysis is for a 6-month period of customer data protection measures the firm that's being evaluated is taking.
Bakkt Is Working on a Retail-Focused App
Bakkt seems to be very busy lately, as it now focuses on developing an app focused on retail, in attempt to attract over 30 million new users after closing partnerships with two financial institutions that haven't been yet named in the blog post.
This app will be related to the acquisition of loyalty rewards Bridge2 Solutions, an acquisition that Bakkt recently made. Here's what the company's Monday blog post reads further:
“Our enterprise loyalty products provide critical infrastructure to companies around the world, and we're proud to power thousands of programs that unlock digital assets for consumers.”