• Bakkt, a digital asset platform, is refocusing on its cryptocurrency custody solutions due to increased client interest.
• Bakkt Custody was a core part of the firm’s business before public listing in October 2021.
• The company has signed new clients and is engaged in late-stage negotiations with multiple prospects across broad client verticals.
Bakkt Renews Focus on Crypto Custody Solutions
Digital asset platform Bakkt Holdings is renewing its focus on cryptocurrency custody solutions due to recent market events and increased customer demand. The company touts its “compliant and trusted” platform as an essential tool for securely storing digital assets for institutional investors.
Recent Market Events Drive Renewed Interest
The current need for multi-custodian access and self-custodial functionality has driven increasing interest in Bakkt Custody since the firm went public in October 2021. By May 2020, the company had expanded its institutional custody solution to serve over 70 clients and struck several partnerships with major financial institutions. To further enhance security, it also partnered with insurance broker Marsh to offer customers coverage of more than $500 million in addition to the $125 million already in place at the custody solution.
Acquisition of Apex Brokerage Service Provider
Following several business and management changes after going public, Bakkt shifted its focus to retail payment services but recently renewed its commitment to crypto custody with the acquisition of crypto brokerage service provider Apex.
New Clients Signed & Late-Stage Negotiations Underway
Bakkt revealed it has signed new clients to Bakkt Custody and is currently engaged in late-stage negotiations with multiple prospects across various industries that seek secure storage solutions for their digital assets.
Conclusion
With strong demand from institutional investors combined with reliable security measures, Bakkt’s custodial services are well positioned to meet the growing needs of digital asset holders worldwide.