Bakkt, the regulated digital asset custody, is shifting its focus back to digital asset custody and adding support for six new digital assets. The custody service, owned by the Intercontinental Exchange (ICE), which operates the New York Stock Exchange (NYSE), will now support Bitcoin (BTC) as well as Ethereum (ETH), Bitcoin Cash (BCH), Filecoin (FIL), Ripple (XRP) and Stellar Lumens (XLM).
Bakkt had previously shifted its focus away from digital asset custody towards a broader set of cryptocurrency services including payment processing. Bakkt’s transition to a broader suite of services was driven by a strategic partnership with payment processor Square. But with this latest development, Bakkt is refocusing on digital asset custody and expanding its services.
This move may be indicative of the growing importance that digital asset custody, the service that keeps crypto assets safe, is being given not only by institutional investors, but also from a regulatory standpoint. Bakkt and other regulated custodians are well-positioned to provide the security needed to ensure that investors’ funds remain safe, while allowing them to access a wide range of investment opportunities.
The addition of these six assets will provide greater choice for investors who use the Bakkt platform. As the digital asset economy continues to evolve, it is likely that more coins and tokens will be added to the platform in the future. For now, though, the custody offering from Bakkt is a great step forward for the industry, and will no doubt help its users to access and securely store their digital assets.