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Digital Currency Revolution Series: Bakkt Warehouse To Offer Mammoth Insurance Coverage Amid Growing Institutional Interest
The crypto trading startup, Bakkt which is Intercontinental Exchange-backed appear to have a growing curve in building robust client base of institutions for its Bitcoin custody services.
Bakkt has managed to lure over 70 institutional clients to store their BTC using the regulated Bitcoin custody services of Bakkt Warehouse.
Bakkt has partnered with the Digital Asset Risk Transfer team from insurance broker Marsh to offer clients the opportunity to buy an additional $500 million worth of coverage in addition to the existing $125 million of insurance at Bakkt Warehouse, as per a blog post by Bakkt President Adam White.
Bakkt Warehouse is a subsidiary of Bakkt Trust Company that has been developed with the cybersecurity and infrastructure as in the NYSE. The ICE acquired Digital Asset Custody Company (DACC), who renders cryptocurrency custody services to the institutional clients and token issuers holding digital assets.
With an objective of bringing digital assets mainstream, Bakkt has been striving and also acquired ‘Bridge2 Solutions’, who is a leader in the loyalty space. This suite of enterprise loyalty and merchant products has powered the redemption of more than 1.5 trillion points, helping companies put loyalty points to work for consumers. They recently associated with two of the largest financial institutions, leveraging these products to enable an additional 30+ million consumers to redeem their points for travel, merchandise, and gift cards through their platform.
Now, they lure institutions with an opportunity to buy an additional $500 million worth of coverage in conjunction with the current $125 million of insurance at Bakkt Warehouse.