Bakkt’s Institutional Bitcoin Custody Now Fully Licensed By The NYDFS

According to an official announcement, Bakkt has received authorization from the New York Department of Financial Services to provide bitcoin custody to all institutions.

It’s worth noting that Bakkt’s warehousing solution was officially launched back in September. Still, up until this moment, only clients who traded Bakkt’s Bitcoin Futures contracts were allowed to take advantage of it.

Now that the Warehouse is authorized by the NYDFS as a custody solution, the company’s clients from the entire world will have the ability to store their assets within it. This is quite important because the safe storage of digital assets is something that institutions have been lacking so far.

As per the statement, apart from using sophisticated technology geared at high security, Bakkt’s Warehouse is also taking advantage of additional physical and operational safeguards. Read More...