Bakkt platform was established in 2018 with its main agenda has been to provide an open platform in the cryptocurrency market. Bakkt aimed in providing crypto services such as trading and warehousing services. During the bakkt launching the hosting company which is the Intercontinental Exchange declared to be using Microsoft’s cloud service Azure as the key management of creating opening and regulating the digital assets. Bakkt has an association with Starback (major merchant in crypto currency) as its first merchant, this is to help in converting of its assets into USD other potential investment partner are Eagle Seven, Galaxy Digital, Pantera Capital and many others.
Bakkt aims to provide an interface of helping the consumer and institution to sell, buy, store and spend their digital currencies. With integrated feature of bakkt of ensuring that it has full efficiency, trust by providing adequate security to consumers by giving a well regulated trading, clearing and digital warehousing and a well developed commerce feature of digital market. Bakkt has feature which will connect to the blockchain system. Furthermore bakkt has the plan to serve in all provisions of the cryptocurrency supply by providing a warehouse of this digital currencies.
The Building Feature of Bakkt
Bakkt major interest is to provide a security feature for your assets. Bakkat have invested heavily in ensuring that it has infrastructure to give the platform a security capabilities by having a unique defensive feature of digital asset. Security feature involves protecting intercontinental exchange around the world and the New York stock exchange to make them more secure. Bakkt warehouse contains both the warm and cold digital asset storage. To maximize the security of the asset both have an insurance policy of about $125,000,000. Furthermore bakkt works in association with the largest custody banks in the world as part of ensuring safety to the digital asset.
- Warm wallet- it is used to majorly used to store small bitcoin in the warehouse. For it to be secure a private key is created and stored, and no individual has access to the key. It is worth noting that even a small amount can be withdrawn by making a request which is verified by a bakkt staff which is located in different places. The validation of withdraw is done both manually and systematically this process requires multiple individuals to be involved in the transaction. Multiple verification is done to ensure that the owner is the one who is clamming to withdraw. In addition the warm wallet has a 24/7 on site team which aims to give security to warm wallet.
- Cold wallet- cold wallet supports offline storage bakkt warehouse. It requires a wallet key which is encrypted at creation. Similarly to warm wallet it require multiple-signature in order to make transaction. It also has a team which is 24/7 activate to provide security to wallet.
Other Security Features Includes;
- System security- bakkt management devices works with extensive security feature to prevent unauthorized access, limit authorized access and safeguarding attack from both local and remote sources. The system also entails in external and internal evaluation of all operation facilities to detect an illegal attempt of accessing any account.
- Disaster recovery - it is used to protect and enhance recover-ability of keys which are used in storage of digital assets. Bakkt warehouse has primary back up facilities which is independent from the point of trading and clearing.
- Digital Asset Listing Standard- this is a principle that is used to evaluate new and existing assets ensuring security, compliance and transparency of any given transaction.
Bakkt uses a distributed ledger technology to enhance payment. This feature gives the consumer, merchant and peer the ability to conduct transactions using the digital asset.
Bakkt sets a standard for the institutional crypto markets. To enhance the marketing feature bakkt has technologies and expertise to empower global marketing.
Bakkt has trusted infrastructure that regulates and secure the digital asset in the user account. Bakkt also aim in product development and expansion to enhance and benefit stakeholders. You can easily open a bakkt warehouse account which you can use for trading and performing other exchanges services. Furthermore you have no worries about your asset as they is adequate security to your account.