Bakkt wants to bring digital assets into the mainstream by making them more accessible, useful and reliable.
This is what was stated in a recent post published on the company’s official blog by Bakkt president Adam White.
The idea is not to focus only on cryptocurrencies but to extend services to other digital assets, such as loyalty points and airline miles.
The goal is to make them more accessible, easier to use and more reliable, for the entire global economy, from traders to consumers, but also for institutions.
After launching physical bitcoin futures some time ago, Bakkt recently acquired Bridge2 Solutions, which operates in the loyalty points industry, and has also worked with two major financial institutions to enable more than 30 million consumers to redeem their points for travel, merchandise and gift certificates through their platform.
They are also collaborating closely with institutional investors, to the extent that they have acquired more than 70 new companies for the Bakkt Warehouse service, also thanks to a collaboration with the Digital Asset Risk Transfer team of Marsh, the world’s leading insurance broker.
As a result of this new collaboration, they have added to the $125 million of insurance already in place for Bakkt Warehouse, another $500 million of additional insurance coverage that is available to clients.
Security, regulatory compliance and reliability are Bakkt’s strengths, so much so that they recently completed a SOC 1 Type I examination from KPMG and a SOC 2 Type II examination of the ICE infrastructure and business level functions on which Bakkt Warehouse relies from PricewaterhouseCoopers.
Thanks to these high-security standards, one of the most popular crypto brokers, Tagomi, has chosen Bakkt as a custodian, at a cost of 0.1% per annum, while maintaining full access for trading and settlement through the same Tagomi platform.
Now, as White points out, the wait is for the launch of the Bakkt App, which should be aimed primarily at consumer users and which could bring cryptocurrency payments into the mainstream, thanks to partnerships such as the one with Starbucks.
The company’s activities are in fact growing, and given the high-security standards it wants to guarantee, it could really allow everyone, including the most demanding customers, to safely start using these technologies which are still very new and difficult for most consumers to use.