- 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.
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