Home News Bitcoin Bakkt To Set up its Own Warehouse to Store Bitcoins

Bakkt To Set up its Own Warehouse to Store Bitcoins

August 29, 2019 13:00
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Cryptocurrency trading platform Bakkt announced that they were all set to set up Bakkt warehouse which would store bitcoin, from next month.

In a tweet, the cryptocurrency-derivatives platform said, “On Sept 6, our Warehouse will begin offering secure storage of customer bitcoin to prepare for the launch of Bakkt Bitcoin Daily & Monthly Futures when they launch on Sept 23. These contracts will enable physical delivery of bitcoin with end-to-end regulated markets and custody.”

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As we previously reported, Bakkt announced that it was finally ready to go online in September, after months of uncertainty, as Securities and Exchange Commission (SEC) examined its decision.

At the time, the exchange said, “Our contracts have already received the green light from the CFTC through the self-certification process and user acceptance testing has begun. With approval by the New York State Department of Financial Services to create Bakkt Trust Company, a qualified custodian, the Bakkt Warehouse will custody bitcoin for physically delivered futures. This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.”

It hadn’t been idle while it waited for the US regulators to pass a decision. In April this year, the exchange announced that said that Digital Asset Custody Company – popularly known as DACC – had been acquired by Bakkt.

Adam White, the Chief Operation Officer (COO) said, “As we look to scale and support custody of additional digital assets, DACC’s native support of 13 blockchains and 100+ assets will serve as an important accelerator, and we’re pleased to welcome Matthew Johnson, Adam Healy, and the entire DACC team to Bakkt.”

White also revealed in the same announcement that Bakkt filed with New York Department of Financial Services (NYDFS) to operate as a trust company, which would allow it to operate as a qualified custodian for digital assets.

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