Bakkt Warehouse Reveals Over 70 Institutional Investors Onboarded For Custody Service

New Partnership with Marsh Insurance Allows Investors to Purchase More than $500 Million in Additional Coverage

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

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.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

Dapper Labs Raises $12M with NBA Players from the Brooklyn Nets & Miami Heat Participating

Vancouver-based Dapper Labs has raised $12 million in its latest financing round with additional backing from Coinbase ventures and Distributed Global. Its existing investors...

DeFi App Aave Creates First Credit Delegation Loan to DeversiFi Decentralized Exchange

DeFi lending platform, Aave completes its first-ever ‘credit delegation’ as DeversiFi borrows over $230,000 without posting collateral. The service agreement was signed on...

Bitcoin Futures Trading at a High Premium; Already Hitting $12,000 on CME

Bitcoin has yet again gained momentum, with people expecting for $12k to hit soon. According to analyst Mati Greenspan, for a sustainable rally, a...

Polkadot (DOT) Launches The First Parachain Implementation Testnet, Rococo

Polkadot introduces parachain functionality with Rococo testnet, a Proof of Authority (PoA) network, allowing users to send direct messages to the Relay Chain and...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today