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ICE's Bakkt Launches Enterprise-grade Bitcoin Custody For Institutions

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Bitcoin futures exchange Bakkt, created by Intercontinental Exchange (ICE), introduced Enterprise-grade Bitcoin custody service for institutional customers by Bakkt Warehouse.

Bakkt had launched custody and physically delivered daily and monthly bitcoin futures contracts in late September. However, the Bakkt Warehouse have been serving only clients trading the Bakkt Bitcoin Futures contracts until now.

Bakkt Warehouse, a qualified custodian of bitcoin, recently received authorization from the New York Department of Financial Services (NYDFS) to offer bitcoin custody to all global institutions and clients.

Pantera Capital, Galaxy Digital, and Tagomi were among the first institutional clients to choose Bakkt Warehouse as their preferred digital asset custodian.

Institutions and sophisticated investors look for safely storing digital assets at enterprise-grade custody offerings, with proven infrastructure, robust operational controls, and independent regulatory oversight.

Bitcoin held at the Bakkt Warehouse is secured in a combination of warm and cold wallets to minimize risks associated with warm storage, with the majority of customer funds stored offline in cold digital asset storage.

To further protect customers, Bakkt's warm and cold wallets are covered by a $125 million insurance policy from a leading global syndicate. Bakkt is also working with one of the largest custody banks in the world, BNY Mellon, as part of its safekeeping process.

Majority-owned by ICE, Bakkt leverages ICE's enterprise security capabilities of physical and cyber security protocols used to protect over a dozen exchanges around the world, including the New York Stock Exchange.

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