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Bakkt Launches ‘The Critical Link’ in Bitcoin Adoption

Linas Kmieliauskas
Last updated: | 1 min read

Today, giant-backed crypto trading platform Bakkt opened its Bakkt Warehouse, a qualified custodian of bitcoin, to all institutions around the world.

Source: iStock/pixelfit

“A critical link — perhaps the critical link — in the institutional adoption of bitcoin is custody. 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,” Adam White, COO of Bakkt, said in a blog post today.

The company received authorization from the New York Department of Financial Services to offer bitcoin custody to all institutions. Previously, the Bakkt Warehouse only served clients trading the Bakkt Bitcoin Futures contracts.

According to the COO, among the first to choose the Bakkt Warehouse as “their preferred digital asset custodian” are Pantera Capital, Galaxy Digital, and Tagomi.

“In the coming weeks Bakkt will be onboarding additional marquee firms to our custody offering,” White said.

As reported, Bakkt “set a new daily record of 1,756 Bakkt Bitcoin Futures contracts traded” on November 8.

At pixel time (15:42 UTC), bitcoin trades at c. USD 8,760 and is down by 1% in the past 24 hours and by 6% in the past week.