Tuesday, April 23, 2024
Blockchain

Bakkt Joins Unchained’s Network for Enhanced Crypto Custody Solutions

Bakkt Holdings, Inc. has joined Unchained’s collaborative custody network, offering increased security and regulated custody for bitcoin assets.

In an evolving digital asset landscape, security and regulatory compliance remain paramount for institutions handling cryptocurrencies. Bakkt Holdings, Inc. (NYSE: BKKT), a trusted digital asset platform, has announced its integration into Unchained’s collaborative custody network. This strategic move enhances Bakkt’s institutional-grade custody services, providing a robust multi-signature vault solution for bitcoin assets.

Bakkt, since its inception in 2018, has been at the forefront of providing secure and scalable solutions to clients navigating the crypto economy. The collaboration with Unchained Capital, a renowned bitcoin financial services company, marks a pivotal moment in Bakkt’s expansion of custody services. Together, they aim to deliver unparalleled safeguarding capabilities for digital assets.

Unchained’s unique model offers a multi-signature vault that is secured by multiple institutional key agents. The integration of Bakkt as a key agent and institutional signatory fortifies the security framework, addressing the needs of large institutions that demand diverse custody options amidst regulatory uncertainty.

Gavin Michael, CEO of Bakkt, underscores the importance of secure and regulated custody as the core of their business. “With the regulatory landscape in flux, our customers are looking for diverse solutions to secure their bitcoin holdings. Our involvement in Unchained’s network is a testament to our commitment to providing innovative access platforms and scaling our custody capabilities,” said Michael.

Joe Kelly, CEO and co-founder of Unchained, expressed confidence in Bakkt’s role within the network. “Bakkt’s reputation as a regulated custodian aligns perfectly with our mission to offer the safest asset protection, surpassing the security of single-entity solutions,” Kelly added.

The collaboration is not just a technical enhancement but also a strategic alignment that reflects the growing demand for sophisticated crypto custody solutions. As digital assets continue to gain mainstream acceptance, such partnerships are crucial in building the necessary infrastructure for secure asset management in the blockchain space.

Image source: Shutterstock

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