Bakkt Warehouse to launch physical Bitcoin storage

We are just a few days away from securely physical bitcoin storage for clients which Bakkt warehouse was planning to launch since long.

August 29, 2019 | AtoZ Markets – The much-awaited cryptocurrency trading platform Bakkt on 28th August announced that their project Bakkt Warehouse will start the storage of Bitcoin from September.

All the Bakkt clients will be able to use the Bakkt Warehouse from 6th September onwards. Bakkt Warehouse is the part of Bakkt Trust Company, and it is developed using the same technology and physical security protections which you can see in the New York Stock Exchange.

Clients to receive physical storage of Bitcoin soon 

The storage of Bitcoins will start from 23rd September, which is earlier than the scheduled launch for daily and monthly crypto futures. Bakkt Warehouse will then begin the physical delivery of Bitcoin with end-to-end regulated markets and custody.

Ever since they have announced the launch, the physical delivery of Bitcoins has been the trending topic for the crypto community. The company faced multiple delays in the start of the platform because they were having issues with the compliance of the project.

Read more: Bitcoin Wallet Types – Know the Difference

Physically delivered Bitcoin futures contracts are the type in which the customers are given the actual cryptocurrency once the contract expires. Bakkt settles the Bitcoin futures physically, and this means the client will receive the physical storage of Bitcoin.

Expert opinion about Bakkt

ICE CEO Jeff Sprecher also expects Bakkt to become a major part of the firm’s revenue. He said that: “That infrastructure has attracted a lot of very, very interesting companies that have come—some that have invested in Bakkt, some are just working with Bakkt to try to tap into that infrastructure for some new use cases that will involve blockchain and digital assets and other things that we can provide these people. So it’s a bit of a moonshot bet and it’s been organized in a manner that is very different than the way ICE typically does business.”

Bakkt Warehouse is a part of Bakkt Trust Company and was developed with the same cybersecurity and infrastructure as in the NYSE.

During the start of this year, Bakkt has acquired Digital Asset Custody Company. It provides a cryptocurrency custody solution for institutional investors and token issuers holding digital assets. This acquisition helped Bakkt to secure the NY regulator’s approval to operate as a qualified custodian, which permits them to hold custody of customers’ tokens.

Think we missed something? Let us know in the comments section below.

Share Your Opinion, Write a Comment