Bakkt has added support for Dogecoin (DOGE), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Shiba Inu (SHIB), and USD Coin (USDC), giving traders more investment options.
Cryptocurrency trading and custody company Bakkt Holdings announced the relaunch of its Bakkt® Custody platform in response to growing demand for secure digital asset custody solutions.
According to an official announcement on November 15, the company said the new platform will have advanced features such as differentiated network wallet addresses, custom security processes, and advanced reporting capabilities. This move is an important step in Bakkt's commitment to providing a trusted and safe environment for crypto investors.
Advanced cryptocurrency storage service
Bakkt aims to strengthen its position in the cryptocurrency market with an infrastructure designed to withstand changes in the industry's regulatory environment.
Led by Bakkt Trust Company LLC, a qualified custodian of the New York Department of Financial Services (NYDFS), the company emphasizes institutional-grade security and soundness. It implements strict security protocols using methods such as cold storage and multi-signature technology to protect encryption keys and proactively protect user resources.
Additionally, companies can be confident that they are protecting the digital assets they control while undergoing independent third-party testing and managed by comprehensive security and operational controls outlined in strict security and compliance policies.
With custody being one of its core product offerings, the company plans to be a platform that takes customer security and funds very seriously to prevent a repeat of what happened last year regarding the collapse of FTX.
“The events of the past year have demonstrated why high-quality cryptocurrency storage is so necessary. Bakkt is proud to be a provider that is never tampered with and always puts the security of our customers first. With conservation as our flagship product, our team has worked hard to expand our platform with an infrastructure designed to withstand regulatory changes,” said Gavin Michael, President and CEO of Bakkt.
The company also plans to introduce advanced features in the future to strengthen its position in the crypto world. International expansion to Latin America, Asia and Europe is planned for the end of this year.
Bakkt adds support for DOGE, SHIB, ETC and more
In addition to Bitcoin (BTC) and Ethereum (ETH), Bakkt has added six other crypto assets to its custody platform. The company said it has added support for Dogecoin (DOGE), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Shiba Inu (SHIB) and USD Coin (USDC), providing traders with more investment opportunities. .
According to the company, the addition of this token to its expanded storage platform will align it with Bakkt® Trading offerings. The newly added crypto assets will be available on the platform from December 2023.
“This additional benefit allows us to serve customers who require greater flexibility across platforms. We are excited to expand our offerings in a safe and regulated manner,” said Michael.
Adding to these signs came on November 14, when Bakkt released its third-quarter 2023 earnings report, reporting a non-GAAP adjusted EBITDA loss of $21.6 million, down 30% compared to the same period last year. The company attributed the decline to reduced compensation and benefits.
According to financial reports, Bakkt achieved cryptocurrency revenue of $191.8 million in the third quarter of 2023, driven by the strategic acquisition of Apex Crypto in April. The company's total revenue for the quarter was $204.8 million. While assets held were down 28% year over year, Bakkt still reported a hefty $505.7 million.
To support cryptocurrency custody efforts, Bakkt is actively pursuing partnerships. The company's quarterly report details plans for EDX Markets, a Wall Street-backed cryptocurrency exchange, to initially offer clearing and custody services as a qualified reserve custodian.
The company has also added new clients to its custodial banking business, including Unchained, a Bitcoin platform, and LeboBTC, a cryptocurrency advisory firm specializing in serving institutional investors.