Bakkt Reinvents Its Custody Service with Advanced Features in Relaunch

In response to the dynamic shifts in the cryptocurrency landscape, Bakkt has announced a big upgrade to its Bakkt® Custody platform. This relaunch is marked by enhanced functionalities, a sleek new interface, and a robust foundation designed for the swift integration of upcoming features. Starting in December 2023, Bakkt® Custody will expand its offerings by including six new tokens.

What you need to know

• Bakkt® Custody platform relaunches with enhanced functionalities and a new interface.
• The platform will add six new tokens, expanding its offerings from December 2023.
• Bakkt operates under Bakkt Trust Company LLC, a NYDFS Qualified Custodian.

Bakkt, operating under Bakkt Trust Company LLC and recognized as a NYDFS Qualified Custodian, emphasizes a security-first approach. The platform, backed by a reliable infrastructure and comprehensive security policies, offers segregated on-chain wallet addresses, customizable security processes, and advanced reporting tools. This institutional-grade platform, tested by independent third-parties, ensures the safeguarding of clients’ digital assets.

Gavin Michael, President and CEO of Bakkt, highlights the company’s commitment to uncompromised security and client-focused service. He notes, “The past year has underscored the importance of qualified crypto custody. At Bakkt, we prioritize our clients’ security, ensuring no co-mingling of funds and preparing our infrastructure to adapt to the evolving regulatory landscape.”

The expanded token lineup, including Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Dogecoin, USD Coin, and Shiba Inu, aligns Bakkt® Custody with the offerings of Bakkt® Trading. This broadened range addresses the needs of clients seeking seamless transactions across platforms.

Bakkt’s achievements have not gone unnoticed, as evidenced by receiving the 2023 Digital Asset Awards’ Best Digital Assets Custodian title from The Digital Banker. This award celebrates Bakkt’s strides in innovation, transactional capability, risk management, and interoperability.

The company’s progress extends beyond its product enhancements. In its Q3 2023 earnings report, Bakkt announced key partnerships with LeboBTC Ledger Group (LLG) and Unchained, and a preliminary agreement to join EDX Markets’ clearing house and custodial network as a qualified custodian.

Jason Leibowitz, CEO & Co-Founder of LeboBTC Ledger Group (LLG), commends Bakkt’s stringent adherence to security and regulatory standards. “Bakkt’s unblemished record amidst the crypto industry’s challenges is a testament to their rigorous approach to licensing and regulation. As an NYDFS-chartered qualified custodian, they assure top-tier security and reliable crypto capabilities for our clients,” he said.