Bitcoin Deposited in Bakkt Warehouse Protected by $125M Insurance
Bakkt Warehouse deposits are covered by $125 million insurance policy, the company has announced.
The company started accepting deposits and withdrawals on Sept. 6, ahead of the planned launch of its futures products on Sept. 23.
Deposits launch as planned
It took Bakkt a lot of time and effort to gain regulatory certification for its upcoming daily and monthly physically delivered Bitcoin futures products.
Since approval was given, things has been full speed ahead — with deposits in its freshly certified custodial warehousing solution happening as planned.
News of the insurance policy covering client deposits removes yet another concern for the institutional investors that Bakkt hopes to attract.
All systems prepared for launch
If the launch is successful on Sept. 23, it will be the first Bitcoin futures platform offering a physically delivered product, which means institutional investors will be trading with actual BTC.
Existing futures products from the Chicago Mercantile Exchange are settled in cash, whereas Bakkt clients will receive payment in Bitcoin once the futures contract expires.