With a post published yesterday with his official account on Medium bakkt, he announced that he had received authorization from the New York Department of Financial Services (NYDFS) to legally operate in bitcoin custody services and declares that the its Warehouse is therefore finally operational. In the same post bakkt he emphasizes how this kind of service represents a fundamental passage for the spread of cryptocurrencies because the big institutional investors cannot limit themselves to buying a hardware wallet to keep their bitcoins but they need to rely on third parties, which operate in a regulated and whose safety is documented and certified. Among the first to choose the Bakkt Warehouse as custodian of digital assets, there are companies of the highest level in the blockchain industry and beyond, such as Pantera Capital, Galaxy Digital and Tagomi. In the same post bakkt highlights how his partnership with the Intercontinental Exchange (a US financial giant also known as ICE which has operated, since its foundation in 2000, on Internet-based markets and trades in futures and energy, commodities and derivative financial products in the OTC markets) will allow Warehouse to offer all the guarantees that large institutional investors need for a service of custody of their digital assets; it is ICE, in fact, that owns and manages the infrastructure that allowed bakkt to obtain authorization from the NYDFS.

In the post published yesterday, then, we go into the detail of all the security measures implemented to give due guarantees to both investors and institutions, we avoid here to go too specifically, also because it is information that to be appreciated require a certain type of technical background that few can have, however it is particularly relevant that to guarantee deposits in the Warehouse there is a policy of as much as 125MLN dollars signed with one of the major world players in the insurance world and that, to certify the whole , there will be regular and in-depth audits of independent third parties, as well as a corporate risk management program that will guarantee investors the maintenance of current security standards. As certified by the increase in volumes on the platform, therefore, bakkt appears to be destined to become one of the major global players in the cryptocurrency market and, having done so much trouble waiting for its services to be launched, is now finally fully operational and will therefore be able to concentrate completely on the growth of its industrial project and, consequently, of the mass adoption of cryptocurrencies even among large institutional investors.