Digital asset exchange Bakkt has announced Bakkt Warehouse, a Bitcoin custody solution for institutions regulated by the New York Department of Financial Services (NYDFS). Bakkt describes the new service as the critical link for institutional adoption of Bitcoin.
In a blog post, Bakkt said that the “full potential of this emerging asset class and technology can [now] flourish.”
Bakkt outlined the features of the custody solution including biometrically controlled bank-grade vaults, enterprise-grade FIPS 140–2 Level 3 Hardware Security Modules (HSMs), geographically-distributed primary and secondary facilities for redundant systems, along with 24×7 video monitoring, armed guards, and security operations.
Bakkt has also incorporated a $125 million insurance policy that is underwritten by a leading global syndicate of insurers.
The company, which is part of ICE, the parent company of the New York Stock Exchange, said they are “committed to expanding access to the global economy by building trust in and unlocking the value of digital assets.”