The Intercontinental Exchange (ICE) subsidiary Bakkt’s crypto custody service is growing well as the digital assets venture has confirmed that more than 70 institutional custody customers have already been onboarded to the Bakkt warehouse. Bakk has also announced to offer institutional customers a new $500 million insurance option. Announcing the news on Monday, the president of Bakkt has also hinted at launching Bakkt’s consumer app this summer.
Bakkt partners with Marsh to offer $500M worth of coverage
According to the blog post published on Monday, 18th May, Bakkt has partnered with the world’s leading insurance broker Marsh to offer its customers $500 million worth of insurance coverage giving its customers a new option to purchase insurance by working with Marsh. As the blog post reads:
“This commitment to custody is underscored by a new collaboration with the Digital Asset Risk Transfer team from Marsh, the world’s leading insurance broker. Beyond the $125M of insurance already in place at the Bakkt Warehouse, customers can now purchase more than $500M in additional insurance coverage, subject to underwriting criteria.”
Furthermore, the company also announces the completion of the SOC 1 Type I examination and SOC 2 Type II examination in the blog post saying that these audited procedures and controls are very important for its customers.
Bakkt is set to launch its consumer app this summer
In the blog post, the company Bakkt has also talked about the launch of its consumer app whose launch is expected to occur this summer according to the company. The consumer app of Bakkt will let its users buy and sell a wide range of crypto assets. Bakkt’s consumer app will also allow the company to enter into consumer space.
The President of Bakkt Adam White says in the blog post that users can sign up to the Bakkt app at the moment if they desire to get exclusive updates and early access to the Bakkt consumer app.