BAKKT, which aims to be one of the most important institutions of the cryptocurrency sector, has put into use something promising before its establishment.

Adam White, BAKKT COO, announced in a blog post that the custody service is now available for institutional investors. According to the announcement, BAKKT received a license from the New York Department of Financial Services (NYDFS).

Prior to NYDFS approval, BAKKT's custody service was only available to people who trade the physical Bitcoin futures contracts of the institution.

With this move, BAKKT will now serve institutional investors. In this way, the company will provide bitcoin storage and storage services to institutional investors with giants such as Coinbase and Fidelity.

Gabor Gurbacs, president of VanEck, made an assessment on Twitter. Gurbacs commended BAKKT for the license it received on this issue, saying it would be a crucial case for Bitcoin adaptation on an institutional basis.