Bakkt, the cryptocurrency venture backed by Intercontinental Exchange (NYSE: ICE), marks another milestone after announcing the launch of its institutional custody business. The information was made public by Adam White, the COO of Bakkt, who tweeted,
“The Bakkt Warehouse is now available to all institutions. Read more about our enterprise-grade #bitcoin custodian on our blog”
Previously, the Bakkt Warehouse had procured approval for only serving clients trading the Bakkt Bitcoin Futures contracts. The renewed authorization from the New York Department of Financial Services (NYDFS) to offer bitcoin custody to all institutions will now allow Bakkt clients around the world “to safeguard their assets using Bakkt’s enterprise-grade offering.”
The official announcement highlighted that Pantera Capital, Galaxy Digital and Tagomi stand as the first organizations to choose the Bakkt Warehouse as their preferred digital asset custodian. In this regard, Bakkt intends to onboard additional marquee firms to their custody offering.
Bakkt has also stated their motive to their relationship with Intercontinental Exchange to uniquely address client needs in the digital asset custody space including “enterprise-grade infrastructure, operational controls and independent oversight.”
Hinting toward Bakkt’s long term roadmap in the crypto space, the announcement highlighted,
“Whether it’s creating the first regulated market for the price discovery of bitcoin, or developing platforms that allow merchants and consumers to seamlessly interact using digital assets, custody is at the core of everything we do.”