The collaboration is aimed at providing a more secure method for institutions to safeguard their bitcoin assets, especially during times of regulatory uncertainty. Bakkt’s CEO, Gavin Michael, emphasized the importance of secure and regulated custody, stating that this partnership offers an alternative platform access for large institutions.
Unchained’s CEO and co-founder, Joe Kelly, expressed that Bakkt’s status as a regulated custodian makes it a suitable addition to their network. He highlighted the mission to ensure client assets are protected more securely than any single solution could offer.
This 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 over $6 billion in bitcoin. The enterprise collaborative custody product by Unchained is intended to provide clients with financial services while maintaining the benefits of self-custody.
Bakkt, founded in 2018, offers institutional-grade custody, trading, and onramp capabilities to its clients, facilitating long-term involvement in the crypto economy. Unchained, established in 2016, focuses on helping individuals and businesses secure their bitcoin assets and truly own their wealth through a collaborative custody model.
The announcement is based on a press release statement.
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Source: Cryptocurrency - investing.com
