BTC - Bakkt Custody Service Expands to all Institutional Clients!steemCreated with Sketch.

in bitcoin •  3 months ago 

The good news just keeps on rolling out of Bakkt!

First it was the bitcoin futures products.

Then it was the announcement of options products coming within the month.

Then it was the consumer app, more of which can be seen here:

https://steemit.com/crypto/@jrcornel/crypto-bakkt-is-about-to-let-you-buy-starbucks-with-bitcoin

And now, it's the expansion of their warehouse service.

Initially, it was only the users of their bitcoin futures products that could take advantage of their warehousing service, but now, they are opening it up to others.

Bakkt is opening its warehousing service up to significantly more clients

Initially, it was only the users of Bakkt's bitcoin futures products that could take advantage of the state of the art custody solutions offered by Bakkt.

Now, it's everyone.

(well everyone of the institutional variety that is)

Today, Bakkt announced that they are expanding the service to other clients.

So far, Pantera Capital, Galaxy Digital and Tagomi have already signed on as initial customers for Bakkt Warehouse and other “marquee firms” are said to be expected to join over the next few weeks.

From Bakkt:

“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."

“While technology provides the foundation by which we securely store customer funds, the Bakkt Warehouse employs extensive physical, operational and cybersecurity safeguards too. Our 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, enables us to uniquely address client needs in the digital asset custody space.”

(Source: https://www.coindesk.com/bakkt-expands-bitcoin-custody-service-beyond-futures-trading-clients)

Why this matters...

Bakkt is offering a service that parallels those offered to the biggest clients in the biggest markets in the world.

The security being offered is likely rivaled by virtually no one.

This is a very big deal for money managers.

It's hard enough outperforming each year, but it adds a whole other set of problems when you also have to worry about your assets being stolen or hacked.

This is a giant step forward in helping to alleviate that concern.

Not only that but they also beefed up the insurance of their assets.

The details from the release can be seen here:

https://www.coindesk.com/bakkt-expands-bitcoin-custody-service-beyond-futures-trading-clients

Bakkt just keeps on rolling out good news after good news.

Stay informed my friends.

Image Source:

https://cryptonewspipe.com/bakkt-bitcoin-custody-now-available-to-all-institutional-clients/

-Doc

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I remembered when people were panicking that Bakkt might flop back when it launched with abysmal volumes.

Now, they're trading at all time high volumes, and are getting more institutions on board the crypto train, especially with opening their custody service to more people.

This shows some things do take time to mature.

Posted using Partiko Android

Yep, I wasn't too concerned about it, mostly just because of the people involved. They have a lot of connections and overall know how to make money in the financial markets. If they didn't think there was adequate demand here to make any money, I would assume they would have stayed away. It may just take some time for them to really get rolling.

Same here, there's plenty of smart people behind Bakkt, with good support from big companies like Microsoft and Starbucks.

They've got a good road map going ahead, too. I'm excited to see what their crypto payment/merchant platform will look like. Overall, good news for Bitcoin and cryptos moving further mainstream.

Not to mention the parent company of the NYSE, which has a fair amount of experience with financial markets. :)

That's true, they've good experience and knowledge.

Most importantly, ICE has a strong reputation and good connections with many industries all over the world, from energy, healthcare, tech, agriculture, ...

This gives Bakkt a good platform to experiment more with adapting cryptos into other industries in the near future.

Posted using Partiko Android

Yep, exactly.

Bakkt FTW

It is certainly looking that way. A year from now I would imagine things look quite different in the derivatives markets in terms of volume and activity.

Congratulations @jrcornel!
Your post was mentioned in the Steem Hit Parade in the following category:

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Thanks.

You're welcome @jrcornel

👍

Posted using Partiko Android

  ·  3 months ago Reveal Comment

You got it.