Crypto trading platform Bakkt has just announced its Bakkt Warehouse custody service is now available to institutional investors.
Bitcoin futures traders were the only users who had access to Bakkt's custody solution until now. However, it is now available to all users after the official approval by the New York State Financial Services Authority (NYDFS).
According to Bakkt, custody is "a critical link — perhaps the critical link — in the institutional adoption of bitcoin." Bakkt's chief operating officer, Edam White, has said:
"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. While technology provides the foundation by which we securely store customer funds, the Bakkt Warehouse employs extensive physical, operational and cybersecurity safeguards too. Our relationship with Intercontinental Exchange (NYSE: ICE), a Fortune 500 company that owns and operates the market infrastructure upon which the world’s largest financial institutions already rely, enables us to uniquely address client needs in the digital asset custody space."
Bakkt has recently announced it plans to launch bitcoin options and a payment app in collaboration with Starbucks.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.