Bakkt Protects Warehouse Deposits with $125 Million Insurance Cover

Crypto platform Bakkt on Monday announced that Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term deposits on its Warehouse platform are secured by a $125 million insurance cover.

The Bakkt Warehouse is active for futures

Bitcoin deposited at our Warehouse is protected by a $125 million insurance policy — Bakkt (@Bakkt) September 9, 2019

The company, however, did not specify any details, such as the name of the insurer.

Bakkt started accepting Bitcoin deposits on its Warehouse platform on September 6, weeks ahead of the launch of its futures platform on September 23.

The Intercontinental Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term-owned company is going to be the first physically delivered Bitcoin futures in the United States. Though the company finally received a green light from the Commodity Futures Trading Commission, its launch was delayed several times due to regulatory holdups.

The company already launched a test version of its upcoming platform in June to perform “user acceptance testing.”

Will it spike the prices of Bitcoin?

Bakkt’s futures platform is one of the most anticipated developments in the crypto industry. In an official announcement, Adam White, chief operating officer at Bakkt, compared the platform with the introduction of ATMs by banks before 50 years.

The company is also set to launch a fully regulated marketplace for institutions and major clients after the launch of the futures platform.

“It represents a milestone as we prepare for the launch of the Bakkt Bitcoin Daily and Monthly Futures contracts on ICE Futures U.S. Trusted infrastructure, particularly the regulated and secure custody of digital assets, is at the core of everything we do at Bakkt,” White noted.

Meanwhile, with the initiation of deposits on Bakkt Warehouse, last Friday, $1 billion worth Bitcoins were transferred to one single Bitcoin wallet address. Without any known ties to any exchange, many are speculating it to be Bakkt’s deposits. However, nothing about the transactions is confirmed yet.