An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Bakkt Selected by Nexo to Securely Custody Bitcoin, Ethereum
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Bakkt Holdings, Inc. (NYSE: BKKT) has partnered with Nexo to provide cryptocurrency custody services through the Bakkt Warehouse. This partnership aims to enhance asset security and credibility in the rapidly evolving cryptocurrency market. Bakkt’s infrastructure includes both warm and cold storage solutions, ensuring a robust safety framework. The Bakkt Warehouse is regulated by the New York Department of Financial Services, ensuring compliance and security for users. Both companies aim to address the growing institutional demand for digital assets, positioning themselves for future opportunities.
Positive
Partnership with Nexo enhances security and credibility in cryptocurrency custody.
Bakkt Warehouse is regulated, ensuring user trust and compliance.
Growing institutional demand for cryptocurrencies could boost revenue potential.
Negative
None.
ALPHARETTA, Ga.--(BUSINESS WIRE)--
Bakkt Holdings, Inc. (NYSE: BKKT), a trusted digital asset platform that enables consumers to buy, sell, send and spend a range of digital assets, today announced a partnership with leading regulated digital assets institution Nexo, to custody cryptocurrency assets in the Bakkt Warehouse, the company’s regulated custodian, which allows for safe and secure storage of bitcoin and Ethereum.
“The cryptocurrency market continues to expand at a robust pace, leading reputable crypto companies to diversify custody of assets. We are pleased that Nexo has chosen the Bakkt Warehouse as a trusted solution,” said Dan O’Prey, Chief Product Officer, Crypto at Bakkt. “As we build upon our partnerships with businesses and expand our network of operations and revenue, secure custody continues to be a pillar of Bakkt's strategy, leveraging state-of-the-art physical and cyber security, institutional grade technology and governance, and backed by insurance.”
“As a global digital assets institution, Nexo acknowledges the need for a trusted partner to bring an extra level of security and credibility to our clients’ cryptocurrencies,” said George Manolov, Business Development Executive at Nexo. “We recognized that Bakkt’s infrastructure and regulation-first approach to crypto was a natural fit and we’re confident that this partnership will benefit all our clients and expand Nexo’s ability to service the unprecedented institutional demand for cryptocurrencies as well as individuals’ growing transaction volumes.”
Established in 2019, the Bakkt Warehouse comprises both online (“warm”) and offline, air-gapped (“cold”) digital asset storage. Bakkt rebalances between warm and cold storage tiers to minimize risks associated with warm storage. For additional layers of protection of Nexo users’ assets, Bakkt’s warm and cold wallets are built on secure wallet architecture, along with multi-zone physical security, including bank-grade vaults.
Bakkt Trust Company LLC, a limited purpose trust company, is regulated by the New York Department of Financial Services (charter granted August 2019). Bakkt Marketplace, LLC is registered as a Money Service Business with FinCEN and has a BitLicense through the New York Department of Financial Services.
About Bakkt:
Bakkt is a trusted digital asset platform that enables consumers to buy, sell, store and spend digital assets. Bakkt’s platform, now available through the Bakkt App and to partners, amplifies consumer spending and bolsters loyalty programs, adding value for all key stakeholders within the Bakkt payments and digital assets ecosystem. Launched in 2018, Bakkt is headquartered in Alpharetta, GA. For more information, visit: https://www.bakkt.com/ | Twitter @Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/
About Nexo
Nexo is the world’s leading regulated digital assets institution. The company’s mission is to maximize the value and utility of cryptocurrencies by offering tax-efficient Instant Crypto Credit Lines™, a high-yield Earn Crypto Interest suite, an instant Exchange service, and sophisticated trading and OTC capabilities, while providing the top-tier custodial insurance and military-grade security of the Nexo Wallet. Nexo has processed $75+ billion for 3,000,000+ users across more than 200 jurisdictions. Visit nexo.io to learn more.
What is the partnership between Bakkt and Nexo about?
Bakkt has partnered with Nexo to provide cryptocurrency custody services through the Bakkt Warehouse.
What services does the Bakkt Warehouse offer?
The Bakkt Warehouse offers secure custody solutions for digital assets, including both 'warm' and 'cold' storage.
How does the Bakkt Warehouse ensure asset security?
The Bakkt Warehouse utilizes advanced physical and cyber security measures, as well as bank-grade vaults.
What regulatory oversight does Bakkt have?
The Bakkt Warehouse is regulated by the New York Department of Financial Services.
How will the partnership affect BKKT stock?
The partnership with Nexo positions Bakkt to capitalize on growing institutional demand for cryptocurrencies, potentially impacting stock performance positively.
