Digital asset platform Bakkt refocuses on cryptocurrency custody solutions
Bakkt Holdings has renewed its focus on cryptocurrency custody solutions in response to recent market events and increased client interest. The company’s Q2 earnings report highlighted the need for multi-custodian access and self-custodial functionality to address the difficulty clients face in storing digital assets safely.
Key points:
- Bakkt Custody was a core part of the firm’s business before its public listing in October 2021.
- The platform has partnered with insurance broker Marsh to offer customers coverage of over $500 million.
- After shifting its focus to retail payments, Bakkt has returned to its custody offerings following the acquisition of crypto brokerage service provider Apex.
- The company has signed new clients and is in late-stage negotiations with multiple prospects.
- Bakkt has entered a collaboration with institutional digital asset custody firm Fireblocks to strengthen its custody offerings.
Hot Take: Bakkt’s renewed focus on cryptocurrency custody solutions reflects the growing demand for secure storage of digital assets. By partnering with Fireblocks and expanding its client base, Bakkt aims to provide a compliant and trusted platform for institutional and retail investors.
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