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Bakkt, the digital asset custody platform launched by Intercontinental Exchange, has announced a renewed focus on crypto custody services with support for six new crypto assets.
The six coins – Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Gem X, and XRP – will now join Bakkt’s existing offering of Bitcoin custody. The company is targeting institutional investors who want to safely store their digital assets.
The addition of these new coins comes after Bakkt recently revealed plans to launch a consumer app, which will allow customers to buy, store, trade, and spend crypto-assets.
“By expanding our crypto asset custody offering, we’re helping customers securely store digital assets and further growing the infrastructure for the digital asset space,” said Bakkt CEO Mike Blandina in a statement.
Bakkt is known for having a strong focus on regulatory compliance, and the company has been able to obtain the necessary approval from authorities to support these new coins. Bakkt also provides customers with air-gapped cold storage capabilities, along with insurance on assets up to $100 million.
The company also plans to launch its first regulated crypto exchanges, as well as a fully regulated futures markets and clearinghouse. These offerings will be available in the future.
With digital asset custody being an important topic for institutions who want to invest in crypto, the addition of support for these new coins is a positive development for Bakkt. The company is hoping that its offering can stand out from its competitors in the space.