Join the BitcoinNews Telegram channel for daily updates >>LINK

Bakkt Secures Its Custodial Services by Raising $500 Million Bitcoin Insurance Policy

News

Support free writers: > send a tip

written by

Muskan Bagrecha

BITCOIN NEWS,
May 20, 2020

Bakkt raised an additional USD 500 million to secure its custodial services with its growing client list.

Bakkt, a cryptocurrency exchange platform owned by Intercontinental Exchange (ICE) has revealed that it has increased its Bitcoin insurance policy by USD 500 Million. This development comes as a result of the company seeing an increase in the number of clients in its custody unit called Bakkt Warehouse. Adam White, the president of the company tweeted that:

With 70+ institutional custody customers, a new $500M+ #bitcoin bitcoin insurance option, and 1.5 trillion points redeemed, we're making progress bringing digital assets mainstream at @Bakkt https://t.co/BBksVmq6wc

— Adam White (@WhiteAdamL) May 18, 2020

Bakkt also revealed that it is now serving 70 institutional clients including famous crypto brokers like Tagomi. This hints that the exchange is inclining towards providing institutions a safe and secure environment for dealings in digital currencies. Thus it became imperative that the company has secure storage facilities which led to the formation of Bakkt Warehouse last September.

Bakkt had also acquired Digital Asset Custody Company (DACC) to provide cryptocurrency solutions to institutions. This insurance policy has been done in collaboration with insurance broker and risk manager Marsh Inc.

“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.”

Notably, the company provided USD 125 million as Bitcoin Insurance Services to its clients last September. Adam White also hinted the progress of the Bakkt app which is expected to release in the second half of 2020.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

Help spread this article :)

Muskan Bagrecha

More of the Author

Disclaimer

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com

Real Wages Are Declining Amid 5.0% Inflation

09/05/2023

The Bureau of Labor Statistics (BLS) released new inflation data showing that the Consumer Price Index (CPI) inflation rose 5.0% year over year in March but real wages have declined during the past 24 months.

How to stay Employed When AI is About to Replace Your Role

10/05/2023

A lot of experienced copywriters are being laid off lately, blaming AI tools for taking their job. With the rise of artificial intelligence, this nightmare is becoming a reality for many workers who have been replaced by machines.

Is The Bitcoin Network Under Attack?

11/05/2023

During the weekend, there were suspicions that the bitcoin network had fallen victim to a DoS attack, as evidenced by the surge in transaction fees and significant backlogs in the mempool.

The Tragedy of Fiat Money

12/05/2023

Over the course of the last 18 years, the European Central Bank (ECB) printed new currency, multiplying money supply by more than 5 times, bringing it to 1308 billion. Here we discuss whether or not the central bank’s actions could be considered a robbery.

HRMC to Introduce Rules Paving the Way for Seizing Bitcoin from Tax Evaders

13/05/2023

The possibility of new regulations is being explored by HM Revenue and Customs (HMRC), which would give them the authority to confiscate bitcoin from companies that do not fulfill their tax obligations.

3 Reasons Bitcoin Will Stick With Proof of Work

14/05/2023

Bitcoin switching from a Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS) is never going to happen and here are 3 reasons why

Why Your Bitcoin Transaction Is Stuck On Pending

15/05/2023

As more and more people wake up to the usefulness of Bitcoin, more and more people are going to be clogging up the network. Here’s why your Bitcoin transaction is stuck.

As US Banking Crisis Wildfire Spreads, Swedbank Strategist Sounds Alarm Predicting ‘Vicious Spiral’ With More Bank Failures Ahead

16/05/2023

Pär Magnusson, a strategist based in Stockholm at Swedbank, has raised alarm about the rapid spread of the banking crisis in the United States.

DAME Tax Could Be The End of America’s Bitcoin Supremacy

17/05/2023

Joe Biden’s White House administration has proposed a Digital Asset Mining Energy (DAME) tax which would force bitcoin miners to pay tax to the amount of 30% of their electricity costs.