According to an announcement from the official Bakkt account on Monday the 9th of September about the official opening of the Bakkt Warehouse, the company has confirmed that its services are protected by an insurance policy worth $125 million.
Bakkt first announced its services last year and since then, has spent a lot of time, effort and resources, in getting the proper regulatory authorization for the company to begin conducting business. Bakkt has now received full authorization and has begun accepting withdrawals and deposits, even before September 23, the official date for the launch of its Bitcoin futures.
This is the first time a service would be offering futures settled with actual Bitcoin. The fact that Bakkt has now been authorized as been touted as a major plus for the crypto sector as it will create a compliant playing field for institutional investors who might be interested in becoming a part of the sector.
Recently Bakkt COO, Adam White, released a statement comparing the introduction of Bakkt to the introduction of the first New York City ATM installed more than 50 years ago. White further wrote that:
“With the launch of the Bakkt Warehouse last week, I’m reminded of the role that innovation and technology play in shaping the financial industry. Looking forward, I’m excited at the role Bakkt will play in the coming years as we establish greater access, transparency and utility for Bitcoin and other digital assets.”
Image Credits: Pixabay
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