The Intercontinental Exchange (ICE) cryptocurrency trading platform, Bakkt, has announced that it has raised the Bitcoin insurance option. The new development is coming as the crypto company records more customers in its custody unit called Bakkt Warehouse.
Bakkt’s new $500 million Bitcoin insurance option
Today, the president of Bakkt, Adam White, revealed on Twitter that the digital currency company has increased its Bitcoin insurance option to more than $500 million. The clients can now be able to purchase additional insurance coverage, per the report.
Bakkt president also confirmed on the tweet that the company has about 70 companies as customers for its custody unit at the moment. This somewhat signals more institutional play, as the company is mainly concerned with enabling institutional investors a more convenient environment to access digital assets.
With more focus on institutional investors, secure storage facilities are foundational to the Bakkt’s activities, which prompted the launch of Bakkt Warehouse in September last year, to ensure adequate security for the digital currency funds belonging to the institutional clients.
Bakkt’s partnership with Marsh
The Bakkt custodian unit handles the storage and delivery of deposited Bitcoin from its futures product. Meanwhile, the company’s commitment to providing custody service is underscored by its recent partnership with Marsh, one of the leading insurance broker platforms globally.
Upon the partnership, the customers on the custodian unit will see the $500 million Bitcoin insurance option. Already, the company provided about $125 million as the Bitcoin insurance option for clients as of September last year.
Bakkt’s app in progress
Moving forward, White hinted on the progress of the Bakkt retail application, which is expected to launch from the second half of 2020. The company’s report farther noted:
As we drive towards the launch of the Bakkt app, we’re already unlocking the value of digital assets for consumers, merchants, and institutions. Whether its airline miles, credit card points, or cryptocurrencies, our products are making digital assets more accessible, useful, and trusted.