Bitcoin warehouse Bakkt has onboarded greater than 70 purchasers for its custody companies and given them the choice to faucet greater than $600 million in insurance coverage protection total, the corporate introduced Monday.
In a weblog publish, the corporate mentioned it had partnered with insurance coverage dealer Marsh to supply as much as $500 million-worth of canopy. Bakkt clients must buy this insurance coverage themselves, and it could be along with, reasonably than as an alternative of, the custodian’s current $125 million insurance coverage protection.
Marsh has been concerned within the crypto house since at the least 2018, and already facilitates or offers insurance coverage for Crypto.com and Ledger.
Bakkt now has greater than 70 clients for its custody companies, the corporate mentioned.
As a part of its processes, the corporate has additionally accomplished an SOC 1 Sort I examination (an analysis of economic reporting controls at a given second in time), which was carried out by KPMG. PricewaterhouseCoopers additionally carried out an SOC 2 Sort II examination (an analysis of buyer knowledge safety controls over a six-month interval) of Bakkt’s enterprise capabilities, together with the infrastructure hosted by its mum or dad agency, Intercontinental Alternate.
“These audited procedures and controls are important to our institutional clients,” the weblog publish mentioned, citing Tagomi as certainly one of its purchasers.
Bakkt can be persevering with its work on a retail-focused cell app, eyeing a possible consumer base of greater than 30 million people after partnering with two unnamed monetary establishments, the weblog publish added.
“This suite of enterprise loyalty and service provider merchandise has powered the redemption of greater than 1.5 trillion factors, serving to corporations put loyalty factors to work for customers,” Bakkt mentioned.
The retail app improvement is tied to Bakkt’s earlier acquisition of Bridge2 Options, a loyalty rewards platform.
“Our enterprise loyalty merchandise present essential infrastructure to corporations world wide and we’re proud to energy 1000’s of packages that unlock digital property for customers,” the publish mentioned.
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