28 May 2020
The warehouse of bitcoin ‘Bakkt’ has on boarded more than 70 clients for its custody services with the option to have more than $500 million in insurance coverage overall.
The president of Bakkt, Adam White, shared on Twitter that the digital currency company has increased its Bitcoin insurance option to more than $500 million. As per the report, Bakkt clients can now purchase additional insurance coverage.
The president of Bakkt also revealed that currently, they have 70 companies as customers for its custody unit. This means that it will have more institutional play, as the company focuses on enabling institutional investors a more convenient environment to access digital assets.
The more importance is given to institutional investors for which secure storage facilities are foundational to the Bakkt’s activities. This led to the launch of Bakkt Warehouse in September last year that makes sure adequate security for the digital currency funds belonging to the institutional clients.
One of the Bakkt custodian units manages the storage and delivery of deposited Bitcoin from its futures product. Simultaneously, the company’s dedication to providing custody service underscored by its recent partnership with Marsh, one of the leading insurance broker platforms globally.
The partnership will enable the customers on the custodian unit to see the $500 million Bitcoin insurance option. Back in September, the company gave $125 million as the Bitcoin insurance option.
White also has some details regarding the Bakkt retail application, which is expected to launch from the second half of 2020.
As we drive towards the launch of the Bakkt app, we’re already unlocking the value of digital assets for consumers, merchants, and institutions. Whether its airline miles, credit card points, or cryptocurrencies, our products are making digital assets more accessible, useful, and trusted.