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.
With 70+ institutional custody customers, a new $500M+ #bitcoin bitcoin insurance option, and 1.5 trillion points redeemed, we're making progress bringing digital assets mainstream at @Bakkt https://t.co/BBksVmq6wc— Adam White (@WhiteAdamL) May 18, 2020
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.
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.