Bakkt announces relaunch of Bakkt® Custody with additional functionality and expanded asset support
Update: This Press Release notes that new assets will be added to Bakkt® Custody in December 2023. The date for adding new assets to the platform has been updated to January 8, 2024.
The relaunched platform, built for flexibility and secure innovation, will also offer expanded coin custody capabilities with six additional coins to go live in December
ALPHARETTA, GA – November 15, 2023 – Bakkt Holdings, Inc. (NYSE: BKKT) announced today that it has relaunched its Bakkt® Custody platform with enhanced capabilities, a revitalized interface, and a foundation built to enable the rapid addition of future functionality. The redesigned Bakkt® Custody offers segregated on-chain wallet addresses, gives clients the ability to configure security processes in the application and provides access to more advanced reporting features.
Operated under Bakkt Trust Company LLC, an NYDFS Qualified Custodian, Bakkt’s institutional-grade platform is built on reliable infrastructure, insured to help protect client’s digital assets, tested by independent third-parties, and managed using comprehensive security and operational controls defined in robust security and compliance policies.
“The events of the past year have revealed why qualified and diversified crypto custody is so necessary.” Gavin Michael, CEO of Bakkt said. “Bakkt takes pride in being a provider that never co-mingles funds and always puts our client’s security first. With custody as a core anchor product, our team has been working diligently to enhance our platform with infrastructure built to withstand the shifting regulatory environment. We anticipate several future developments as we continue to invest and rollout more advanced features.”
In addition to enhanced capabilities, Bakkt will add 6 additional tokens to the Bakkt Custody platform for a total of 8 coins including Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Dogecoin, USD Coin and Shiba Inu. These additions to Bakkt® Custody bring it to parity with what are offered with Bakkt® Trading. The new token capabilities will be added to the platform in December 2023.
“These additional assets allow us to cater to clients seeking more fluidity between platforms.” Michael said. “We’re pleased to increase our offering in a secure and regulatory-first way.”
Bakkt’s revamped offering has been awarded the 2023 Digital Asset Awards’ Best Digital Assets Custodian by The Digital Banker, which is awarded to the custodian who meets their standards for innovation, transaction capability, risk management, and interoperability.
Bakkt recently announced a number of newly signed custody clients in the company’s Q3 2023 earnings, including EDX Markets, LeboBTC and Unchained. Further details on Bakkt® Custody features can be found here.