Bakkt Announces Relaunch of Bakkt® Custody with Additional Functionality and Expanded Asset Support
The relaunched platform, built for flexibility and secure innovation, will also offer expanded coin custody capabilities with six additional coins to go live in December
Bakkt Holdings, Inc. (NYSE:BKKT) announced today that it has relaunched its Bakkt® Custody platform with enhanced capabilities, a revitalized interface, and a foundation built to enable the rapid addition of future functionality. The redesigned Bakkt® Custody offers segregated on-chain wallet addresses, gives clients the ability to configure security processes in the application and provides access to more advanced reporting features.
Operated under Bakkt Trust Company LLC, an NYDFS Qualified Custodian, Bakkt's institutional-grade platform is built on reliable infrastructure, insured to help protect client's digital assets, tested by independent third-parties, and managed using comprehensive security and operational controls defined in robust security and compliance policies.
"The events of the past year have revealed why qualified crypto custody is so necessary," said Gavin Michael, President and CEO of Bakkt. "Bakkt takes pride in being a provider that never co-mingles funds and always puts our client's security first. With custody as a core anchor product, our team has been working diligently to enhance our platform with infrastructure built to withstand the shifting regulatory environment. We anticipate several future developments as we continue to invest and rollout more advanced features."
In addition to enhanced capabilities, Bakkt will add 6 additional tokens to the Bakkt Custody platform for a total of 8 coins including Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Dogecoin, USD Coin and Shiba Inu. These additions to Bakkt® Custody bring it to parity with what are offered through Bakkt® Trading. The new token capabilities will be added to the platform in December 2023.
"These additional assets allow us to cater to clients seeking more fluidity between platforms," Michael said. "We're pleased to increase our offering in a secure and regulatory-first way."
Bakkt recently announced significant progress with respect to its custody product in the company's Q3 2023 earnings, including signed agreements with LeboBTC Ledger Group (LLG) and Unchained. Bakkt also has preliminarily agreed to join EDX Markets' clearing house and custodial network as a qualified custodian.
"Security and regulation are heavy considerations when selecting a crypto counterparty. Bakkt has remained unscathed amid the insolvencies of crypto companies in the past several years, and they've proven that they dot every 'i' and cross every 't' with regards to licenses and regulation," shared Jason Leibowitz, CEO & Co-Founder of LeboBTC Ledger Group (LLG). "As an NYDFS-chartered qualified custodian, we can trust that their security is top notch and that our clients will have reliable crypto capabilities."
Bakkt's revamped offering has been awarded the 2023 Digital Asset Awards' Best Digital Assets Custodian by The Digital Banker, which is awarded to the custodian who meets their standards for innovation, transaction capability, risk management, and interoperability.
Further details on Bakkt® Custody features can be found here.
About Bakkt
Founded in 2018, Bakkt builds solutions that enable our clients to grow with the crypto economy. Through institutional-grade custody, trading, and onramp capabilities, our clients leverage technology that's built for sustainable, long-term involvement in crypto.
Bakkt is headquartered in Alpharetta, GA. For more information, visit: https://www.bakkt.com/ | X (Formerly Twitter) @Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/.
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