Bakkt partners with insurance broker Marsh to expand its insurance coverage.
The BTC futures platform announced plans to enlarge its institutional liability insurance protection.
Launched in August 2018, the platform provides custody solutions for ICE’s Bitcoin futures market and has entered a partnership with renowned insurance broker Marsh.
The collaboration between Bakkt Warehouse and Marsh increases the liability insurance coverage from the previous $125 million to more than $600 million.
Bakkt says customers who purchase the coverage can now access an additional layer of insurance beyond the company’s $125 million policy.
Marsh is a leading insurance broker relied upon by several crypto firms, including well-known names in the industry.
Bakkt executive Adam White stated that these audits are a key factor for institutional investor interest and engagement. He added that recent developments in the crypto space highlight the importance of a trusted environment for digital assets. These improvements, he said, could help onboard more institutional investors, traders, and consumers.
The platform also announced that it recently completed a SOC 1 Type I assessment conducted by global auditor KPMG. In addition, the company underwent a SOC 2 Type II assessment performed by PricewaterhouseCoopers. Both reports support the company’s financial control framework and provide assurances around the security of customer data.
Bakkt targets retail acceptance of cryptocurrencies
Bakkt continues to develop a mobile app designed to give the company access to more than 30 million retail customers.
The company describes the app’s development as advanced and indicates a potential launch by the end of the year. A corporate blog post mentions two financial institutions that appear to be joining as partners.
According to the ICE-operated platform, the app aims to simplify the everyday use of crypto as a payment method. One existing member of the Bakkt network is the Starbucks chain. The platform also recently added Bridge2 Solutions to its ecosystem. Bakkt views these decisions and partnerships as important steps toward broader crypto adoption in retail markets.