Bakkt shifts focus to custodial solutions and broadens its coin support to include DOGE, SHIB, and other cryptocurrencies
Ramona Galas
Cryptocurrency firm Bakkt shifts focus to enhance digital asset custody services, adding six new cryptocurrencies and forming partnerships to fortify its custody division.
Bakkt, a cryptocurrency firm, is shifting its focus towards enhancing its digital asset custody services after experiencing a 28% decline in assets under custody, according to its recent quarterly earnings report.
The company plans to support six new cryptocurrencies, including Bitcoin Cash, Dogecoin, Ethereum Classic, Litecoin, Shiba Inu, and USD Coin, in addition to Bitcoin and Ether. Bakkt aims to expand its coin offerings further in early 2024.
The company's strategic shift aligns with its focus on business-to-business clients. Bakkt is actively forming partnerships to fortify its crypto custody division, including offering clearing and custodial services to EDX Markets, Unchained, and LeboBTC.
The move comes as traditional financial institutions, such as BNY Mellon and DZ Bank, also venture into digital asset custody to meet growing institutional demand.