On Monday (November 11), Adam White, the Chief Operating Officer (COO) of Bakkt, the crypto custodian and Bitcoin futures exchange subsidiary of Intercontinental Exchange (ICE), declared that qualified custodian Bakkt Warehouse is now offering its Bitcoin custody service to all institutions and not just those trading the Bakkt Bitcoin Futures contracts.
This move comes after Bakkt received permission from the New York Department of Financial Services (NYDFS) to offer this Bitcoin custody service to even those institutions that are not interested in Bakkt’s physically-settled daily or monthly Bitcoin futures.
On September 9, the Bakkt COO announced that the Bakkt Warehouse, which had been launched on September 6, was “open for business”:
Like the intro of the ATM ~50 years ago, last week's launch of the @Bakkt Warehouse is an example of how innovation and technology have shaped the financial industry for decades and will keep doing sohttps://t.co/cK3tMSmU59
— Adam White (@WhiteAdamL) September 9, 2019
In his blog post, which was published earlier today, White said that Pantera Capital, Galaxy Digital, and Tagomi are three examples of companies storing their bitcoins at the Bakkt Warehouse, and that more “marquee firms” would be onboarded in the next several weeks.
White explained that what made the Bakkt Warehouse special was not the technology on which it was built, but also “extensive physical, operational and cybersecurity safeguards.”
Following Bakkt’s anouncement, Pantera Capital had this to say:
We've done due diligence on all institutional-grade custody solutions in the market and believe that @bakkt has one of the best products in the space. We feel both happy and secure being a part of this launch 🔐 https://t.co/LvkFJDcyqC
— Pantera Capital (@PanteraCapital) November 11, 2019
Featured Image Credit: Photo via Pixabay.com
