Bakkt futures are live, let's see what's special about its custody service
This article comes fromBakkt, Odaily translator | Moni
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Editor's note: At 8:00 pm local time on September 22, Bakkt's Bitcoin futures were launched. At the same time, Bakkt also introduced the specific positioning and architecture of its hosting service Bakkt Warehouse on its official website. Before Bakkt went online, it took a lot of trouble to get its custody service approved by the regulator.
Finally, Bakkt, ICE Futures US and ICE Clear US are bringing federally regulated price discovery technology to the bitcoin market. Bakkt's daily and monthly Bitcoin futures contracts will be powered by the same technology and expertise as ICE Global Markets, with physical Bitcoin delivery through secure, regulated custody.
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Bakkt sets a new standard for institutional investors to enter the cryptocurrency market
1. The first end-to-end digital asset ecosystem for institutional investors
Bakkt meets the highest compliance, as well as supervisory and regulatory standards in the digital asset market;
ICE Futures US and ICE Clear US are accessible to any qualified market participant in the US and internationally;
Customers' bitcoins will be stored in Bakkt Warehouse, a "warehouse" operated by a limited purpose trust company, a qualified custodian and regulated by the New York State Department of Financial Services (NYDFS).
2. Designed for institutional market participants
Institutional investors can access ICE Futures US through WebICE, ISVs and application programming interface connections, and the transaction is simplified and professional;
Bakkt will be regularly audited for financial, security and operational controls, including SOC certification.
3. First-class market integrity and asset security
The world's leading syndicate insures Bakkt's cold and hot wallets for $125,000,000
Bakkt Warehouse
ICE Clear US has $35 million in its insurance fund dedicated to protecting against bitcoin-related losses in the risk waterfall.
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So, what makes Bakkt Warehouse’s Bitcoin custody service special?
First of all, they adopted a hot/cold wallet dual structure, and most assets are stored offline in the cold wallet, but Bakkt has purchased insurance policies for both the hot wallet and the cold wallet, and the storage security has reached the bank vault level; secondly, Bakkt Bakkt's wallet architecture uses multi-signature transactions, Shamir cryptographic shares for key shards, and a hardware security module (HSM) to protect authentication keys; finally, Bakkt's network security plan is also very comprehensive, including mandatory two-factor identity Verification (2FA), whitelisting of IP addresses and withdrawal addresses and regular operational and security audits.
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Digital Asset Support Standard
