Bakkt Now Has $500M Bitcoin Insurance Option for Growing Number of Clients

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Mon, 05/18/2020 - 14:23
Alex Dovbnya

Bakkt’s cryptocurrency custody service, which was launched in September 2019, already has 70 clients

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Crypto trading platform Bakkt, an Intercontinental Exchange (ICE) subsidiary, has already onboarded 70 clients for its custodian arm.

According to the company’s president Adam White, Bakkt will now be able to offer a new $500 mln Bitcoin insurance option.

Related
Bakkt Bitcoin Futures Set New Record with Close to $50 Mln Traded in One Day

A $500 mln insurance policy  

The ICE subsidiary launched custody service Bakkt Warehouse on Sept. 9 to safely hold the cryptocurrency funds of institutional investors.

It is responsible for storing and delivering deposited Bitcoin that is associated with its futures that were launched during the same month.

Because of its recently announced partnership with insurance brokerage firm Marsh, its clients get up to $500 mln in insurance coverage.

This will come on top of the $125 million insurance policy that was announced in September 2019.

Related
Bitcoin Futures That Are Settled in Cash to Be Launched by Bakkt in December

Bakkt’s consumer app

White also touted the progress with its retail app that is expected to go live in the second half of this year:

As we drive towards the launch of the Bakkt app, we’re already unlocking the value of digital assets for consumers, merchants, and institutions.

As reported by U.Today, Bridge2 acquired Bakkt in early February, allowing its customers to spend loyalty points or crypto.

In March, Bakkt also wrapped up its Series B $300 mln, which allowed it to increase the number of its employees to 350. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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