Bakkt Institutional Bitcoin Custody Is Fully Licensed By The NYDFS
Bakkt has been in the spotlight a lot this year.
Bakkt has been said to be the crypto game-changer that the world is expecting.
The New York-based exchange is expected to spark a wave of institutional investment in BTC as the regulated company leverages its massive Wall Street ties and allows institutional money to buy, sell, store, and spend crypto.
Bakkt just receive authorization from NYDFS
It’s been just reported that Bakkt, the Bitcoin futures trading platform of the Intercontinental Exchange (ICE), has received authorization from the New York Department of Financial Services (NYDFS) to provide bitcoin custody to all institutions.
This will reportedly increase the authority of the platform to provide institutions with a regulated Bitcoin futures trading platform.
According to an official announcement, Bakkt has received authorization from the New York Department of Financial Services to provide bitcoin custody to all institutions.
The warehousing solution has been launched back in September.
According to Cryptopotato, there are already a few companies that oped in for Bakkt’s Warehouse and these include Galaxy Digital and Pantera Capital.
Bakkt expands BTC custody service beyond futures trading clients
According to data cited from Coindesk, Bakkt COO Adam White wrote that “a critical link … in the institutional adoption of bitcoin is custody.”
“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,” he wrote.
Bakkt CEO added: “While technology provides the foundation by which we securely store customer funds, the Bakkt Warehouse employs extensive physical, operational and cybersecurity safeguards too.”
He continued and said that their 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”, allows them to address the clients needs in the best way.
Read more in the original article by Coindesk.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.