Bakkt Warehouse’s Clients Can Now Buy ‘$500M in Additional Insurance Coverage’

Intercontinental Exchange-backed crypto trading platform Bakkt has announced a growth in institutional clients for its Bitcoin custody services.

According to a blog post by Bakkt President Adam White published on May 18, Bakkt has attracted more than 70 institutional clients to store their BTC using the regulated Bitcoin custody services of Bakkt Warehouse.

White says that Bakkt partnered with the Digital Asset Risk Transfer team from insurance broker Marsh to offer clients the opportunity to buy an additional $500 million worth of coverage in addition to the existing $125 million of insurance at Bakkt Warehouse.

Next, the Bakkt President talked about the recent completion of “a SOC 1 Type I examination by KPMG and a SOC 2 Type II examination of the ICE infrastructure and enterprise-wide functions that the Bakkt Warehouse relies on by PricewaterhouseCoopers.”

Finally, White stated that they are continuing to prepare for the launch of their retail-focused Bakkt mobile app. 

On March 16, Bakkt sent out a tweet that featured a screenshot from the Starbucks mobile app; as you can see below, “Bakkt Cash” is one of the payment methods available:

We’re reducing payment costs for merchants, improving their bottom line.

Open your @Starbucks app account settings to see our first direct integration and select “Bakkt Cash” under “Payment” to sign up for the @Bakkt Early Access Program! pic.twitter.com/pMJRiIVDSG

— Bakkt (@Bakkt) March 16, 2020

Starbucks told Coindesk back then that the Bakkt Cash option is “only in limited beta for now.”

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