RATE Group | Could the Expansion of Bakkt’s Custody Service Raise Volumes?
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Could the Expansion of Bakkt’s Custody Service Raise Volumes?

12 Nov Could the Expansion of Bakkt’s Custody Service Raise Volumes?

Posted at 09:42h in Cryptocurrency News by

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The New York Department of Financial Services (NYDFS) gave cryptocurrency futures trading platform Bakkt the go-ahead to offer the Bakkt Warehouse–Bakkt’s custody solution–to “all institutions.” Previously, the Bakkt Warehouse was only available to clients trading the Bakkt Bitcoin Futures contracts. The announcement came in a Medium post on November 11th.

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The announcement says that so far, Pantera Capital, Galaxy Digital, and Tagomi have chosen Bakkt Warehouse as their custodian.

“A critical link — perhaps the critical link — in the institutional adoption of bitcoin is custody,” the post explains. “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.”

Indeed, in the weeks running up to the United States Securities and Exchange Commission’s decision to deny the latest…

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