Bakkt grows custody business above 70 clients, says it has partnered with major financial institutions

Bakkt, the digital asset venture owned by Intercontinental Exchange (ICE), has expanded its institutional custody business to more than 70 clients as it eyes the launch of a much-anticipated consumer app. 

According to a Monday blog post by the firm's president, Adam White, Bakkt has also partnered with insurance broker Marsh to offer clients more than $500 million worth of coverage. Customers of Bakkt would have to work bilaterally with Marsh to purchase the insurance. The firm also completed its SOC 1 Type I examination and SOC 2 Type II examination, following the lead of other crypto market participants such as Gemini, Coinbase, and BitGo. The audits evaluate a company's internal controls and procedures. 

"Beyond the $125M of insurance already in place at the Bakkt Warehouse, customers can now purchase more than $500M in additional insurance coverage, subject to underwriting criteria," White wrote.