Bakkt Shifts Focus Back to Digital Asset Custody, Adds Support for Six New Coins
Bakkt Holdings is refocusing on digital asset custody as its primary business, announcing support for six new coins in addition to Bitcoin and Ether.
Bakkt has officially relaunched its Bakkt Custody platform, introducing several enhancements and expanding its supported tokens to a total of eight. The relaunch includes the addition of six new tokens, aligning the custodial platform with those available on Bakkt Trading. The supported tokens now include Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Dogecoin, USD Coin, and Shiba Inu.
The redesigned Bakkt Custody platform incorporates advanced features, including segregated on-chain wallet addresses that provide clients with the flexibility to configure security processes within the application. The enhancements also include improved reporting features.
Operated under Bakkt Trust Company LLC, a New York Department of Financial Services (NYDFS)-qualified custodian, Bakkt Custody emphasizes institutional-grade security and reliability. The platform adheres to rigorous security measures, employing techniques such as cold storage and multi-signature technology to ensure the safeguarding of cryptographic keys.
The platform is insured to protect digital assets, subjected to independent third-party testing, and managed with comprehensive security and operational controls outlined in robust security and compliance policies.
Bakkt’s President and CEO, Gavin Michael, underscored the platform’s commitment to qualified crypto custody, emphasizing that the Bakkt Custody platform adheres to institutional standards by never co-mingling funds and prioritizing client security. He also noted that the addition of these assets caters to clients seeking seamless transitions between
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