The Intercontinental Exchange subsidiary Bakkt is opening up its “critical link.” Its name is Bakkt Trust and it is available for the entire institutional market. That’s because it is now a New York Department of Financial Services (NYDFS) regulated qualified custodian.
Bakkt officially announced it in its blog on 11th November. And took the center stage at CoinMarketCap’s ongoing Singapore conference
. Jennifer Ilkiw, VP, ICE delivered a detailed talk. She explained why this is a significant move for bitcoin market evolution.
Prior to the announcement, only platform consumers had access to bitcoin custody service. These are the ones who trade BTC futures using Bakkt. But with NYDFS approval in place, it is now accessible to any institution across the world.
According to Jennifer, market investors demand the prime security of their digital assets. That said, Bakkt trust uses state-of-art technology. It offers a comprehensive cybersecurity program, a secure wallet and robust operations protocol. This ensures enterprise-grade security.
She also shared that the custody stands protected by insurance policies worth $125 million. These insurance policies by Lloyds of London cover both warm and cold wallets.
Jennifer says the success of digital assets is its mass adoption. That will happen when customers do not have to think about the underlying technology. And Bakkt’s marketplace offers consumers a simple and regulated place to unlock the value of digital assets.