ALPHARETTA, Georgia – Bakkt Holdings, Inc. (NYSE:BKKT), a digital asset marketplace, has announced its role as a key player in Unchained's enterprise collaborative custody product, enhancing security for bitcoin holders. This strategic partnership allows Bakkt to act as an institutional signatory for Unchained clients using multi-signature vaults.
The collaboration aims to provide a more secure method for institutions to safeguard their bitcoin assets, especially in times of regulatory uncertainty. Bakkt CEO Gavin Michael emphasized the importance of secure and regulated custody and stated that this partnership offers alternative platform access for large institutions.
Unchained CEO and co-founder Joe Kelly expressed that Bakkt's status as a regulated custodian makes it a suitable addition to its network. He highlighted the mission of ensuring clients' assets are protected more securely than any single solution could offer.
The move is seen as a way for Bakkt to expand its custody services and for Unchained to bolster the security of its custody model, which is designed to protect more than $6 billion in bitcoins. Unchained's enterprise collaborative custody product aims to provide clients with financial services while maintaining the benefits of self-custody.
Bakkt, founded in 2018, offers its clients institutional-grade access, trading, and custody capabilities, facilitating long-term participation in the crypto economy. Founded in 2016, Unchained is focused on helping people and businesses protect their bitcoin assets and truly own their wealth through a collaborative custody model.
The announcement is based on a press release.
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