Bakkt’s Institutional Bitcoin Custody obtains a license from the NYDFS

• The clients from all around the world will now be able to store their assets in it.
• Bakkt’s Warehouse is taking advantage of additional physical and operational safeguards.

Bakkt, the Bitcoin futures trading platform of the Intercontinental Exchange (ICE), has recently obtained a license from the New York Department of Financial Services (NYDFS). The license will enable them to provide bitcoin custody to all institutions. This will increase the authority of the platform in providing institutions with a well-established and regulated Bitcoin futures trading platform.  

Bakkt’s warehousing solution was officially launched back in September. To date, only clients who traded Bakkt’s Bitcoin Futures contracts were allowed to take advantage of it. After receiving the license from the NYDFS, the clients from all around the world will now be able to store their assets in it. This is very crucial as the institutions lacked the safe storage of digital assets.

According to the statement, Bakkt is using sophisticated technology geared at high security. In addition to that, Bakkt’s Warehouse is also utilizing additional physical and operational safeguards. Prominent asset managers in the cryptocurrency field like Galaxy Digital and Pantera Capital have already joined Bakkt Warehouse.  

The solution has on-premises data centers and dedicated network connectivity between the operational sites. This fulfills the need to use third-party data centers and multi-tenant systems. The Warehouse’s facility also utilizes biometrically-controlled bank-grade vaults as well as hardware security modules. This ensures the availability and safekeeping of the funds of the customer.