Earlier today, Sept. 9, Bakkt announced via Twitter its $125 Million insurance policy against Bitcoin deposited into the Bakkt Warehouse.
The custodial Bitcoin warehouse has been live since Sept. 6 ahead of its ‘go live’ date of Sept. 23.
In an article released by Bakkt COO, Adam White titled ‘The Bakkt Warehouse Is Open for Business’ White compares the launch of his firms warehouse to the introduction of ATM’s, some 50 years ago, ‘Like the intro of the ATM ~50 years ago, last week’s launch of the @Bakkt Warehouse is an example of how innovation and technology have shaped the financial industry for decades and will keep doing so’.
White highlights the decentralized role ATM’s played across the banking sector whilst also pointing to the role in which Bakkt will play in the coming years. White makes it clear that Bakkt intend to ‘establish greater access, transparency and utility for bitcoin and other digital assets.’
White also confirmed that the company has received a great deal of interest in the futures market since their announcement Aug. 28. None of the institutional contributors have been named at this time but the article did suggest a number of these are now involved. ‘This is evidenced by the quality of firms we are working with across trading, clearing, and investing, which are helping frame this new asset class and the infrastructure required to gain wider acceptance and applications.’ The Bakkt daily and monthly futures contracts have been one of crypto’s most anticipated events for the past 12 months. It is unsure how its imminent launch will impact the market in the short-term.