Bakkt, a bitcoin futures exchange backed by the Intercontinental Exchange (ICE), announced that it is launching custodial services for institutional enterprises. This is not the first organization to provide bitcoin custody, but the firm believes that it would set the stage for the mass adoption of the technology.
In a blog post, Bakkt announced that it received authorization from the New York Department of Financial Services (NYDFS) to offer bitcoin custody to all institutions. Now, the Bakkt Warehouse is open to all clients around the world who are looking to secure their bitcoins. According to the firm, this was the missing link in the institutional adoption of bitcoin.
With a $125 million insurance policy, the Bakkt Warehouse will begin offering its services to a range of clients. These clients include Pantera Capital, Galaxy Digital, and Tagomi. More clients are set to be onboarding in the coming weeks.