Bakkt expands custody business to 70 clients, announces new insurance coverage

Bakkt, a digital asset venture owned by Intercontinental Exchange (ICE), has onboarded over 70 clients for its custody services. According to a recent blog post, the firm has partnered with insurance broker Marsh to offer its clients more than $500 million worth of coverage. Bakkt customers will have to work bilaterally with Marsh to purchase this insurance.

Following the lead of firms like Gemini, Coinbase and BitGo, Bakkt has completed its SOC 1 Type I examination and SOC 2 Type II examination. The audits evaluate a company's internal controls and procedures. Adam White, President of Bakkt, said: 

Beyond the $125M of insurance already in place at the Bakkt Warehouse, customers can now purchase more than $500M in additional insurance coverage, subject to underwriting criteria.

Bakkt is also continuing its work on a retail-focused mobile app that would allow users to buy and sell an array of digital assets, spanning cryptocurrency, cash and rewards points. The firm also noted that it has partnered with two large financial institutions for its enterprise loyalty product. An excerpt from the blog reads:

We recently partnered with two of the largest financial institutions, leveraging these products to enable an additional 30+ million consumers to redeem their points for travel, merchandise, and gift cards through our platform.