• Bakkt Holdings is refocusing on its cryptocurrency custody solutions due to recent market events and increased client interest.
• The company has signed new clients to Bakkt Custody and is engaged in late-stage negotiations with multiple prospects across broad client verticals.
• Bakkt Custody also partnered with insurance broker Marsh to offer customers coverage of more than $500 million in addition to the $125 million already in place at the custody solution.

Bakkt Re-focuses on Crypto Custody Solutions

Increased Client Interest Prompts Renewed Focus

Digital asset platform Bakkt Holdings is refocusing on its cryptocurrency custody solutions due to recent market events and increased client interest. In a Q2 earnings report, Bakkt touted its “compliant and trusted” custody platform, citing the current need for multi-custodian access and self-custodial functionality due to clients’ difficulty in storing digital assets safely.

Bakkts Core Business Before Public Listing

Bakkt Custody was a core part of the firm’s business before its public listing in October 2021. By May 2020, the company had expanded its institutional custody solution to serve over 70 clients and struck several partnerships with major financial institutions.

Partnerships With Major Financial Institutions

The platform also partnered with insurance broker Marsh to offer customers coverage of more than $500 million in addition to the $125 million already in place at the custody solution.

Acquisition of Crypto Brokerage Service Provider Apex

However, Bakkt shifted its focus to retail payments following several business and management changes after it went public. The company’s renewed push into custody comes months after it acquired crypto brokerage service provider Apex.

New Clients Signed For Bakkts Custody Solution

Bakkt revealed it signed new custody clients and is engaged in late-stage negotiations with multiple prospects across broad client verticals.