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Per a recent announcement by Bakkt’s official handle, Bakkt is now all set to offer Bitcoin custody to all institutions. Clients all over the world can now safeguard their assets using Bakkt’s enterprise-grade offering. Furthermore, the latter has also received authorization from the New York Department of Financial Services (NYDFS) to offer bitcoin custody to all institutions. 

Galaxy Digital Among Initial Customers

Source- Twitter

The list of firms that have signed up as initial customers include Pantera Capital, Galaxy Digital and Tagomi. Other firms are expected to join in a span of few weeks. 

Previously, Bakkt only provided custody services to clients trading Bitcoin’s futures contracts. The recent announcement comes with approval from the New York Department of Financial Services (NYDFS), which previously granted the company a trust charter.

From the COO’s Desk 

In the blog post, Bakkt COO Adam said, 

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“When investors have ready access to regulated custodians whose security and processes they trust, the full potential of this emerging asset class and technology can flourish,”

said Bakkt COO Adam.

He further said, 

While technology provides the foundation by which we securely store customer funds, the Bakkt Warehouse employs extensive physical, operational and cybersecurity safeguards too. Our relationship with Intercontinental Exchange (NYSE: ICE), a Fortune 500 company that owns and operates the market infrastructure upon which the world’s largest financial institutions already rely, enables us to uniquely address client needs in the digital asset custody space.

Security is Prime For Bakkt

Although, new to the crypto space, Bakkt employes a large number of safeguards. The security features include dedicated network connectivity between operational sites, redundant secondary facilities, geographically-distributed signing operations, independent reporting structures and a number of other features Also, Bakkt has secured insurance for up to $100 million in assets prior to the launch of its futures in September. In a recent update, Bakkt is now insured with a $125 million policy underwritten by a leading global syndicate of insurers.

What will be the next development on the Bakkt platform? Let us know, what you think in the comments below!

Summary

Breaking: Bakkt Expands Its Enterprise-Grade Crypto Custody Solution to All Institutions

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Breaking: Bakkt Expands Its Enterprise-Grade Crypto Custody Solution to All Institutions

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Per a recent announcement by Bakkt’s official handle, Bakkt is now all set to offer Bitcoin custody to all institutions. Clients all over the world can now safeguard their assets using Bakkt’s enterprise-grade offering. Furthermore, the latter has also received authorization from the New York Department of Financial Services (NYDFS) to offer bitcoin custody to all institutions. 

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Supriya

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

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The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Supriya Saxena , 2019-11-11 16:29:33 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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