Bakkt Announces Relaunch of Custody Services, Expanding Support to Include DOGE, SHIB, and More

Bakkt relaunches its custody services, extending support to six new cryptocurrencies including DOGE and SHIB.

Explore how Bakkt is enhancing crypto asset security and responding to the evolving demands of the digital asset landscape, under CEO Gavin Michael's guidance.

Bakkt Custody Supports Six New Cryptocurrencies, Including DOGE and SHIB

Cryptocurrency-related service provider Bakkt announced on November 15, 2023, that it is refocusing on its Bakkt Custody service for the storage and management of digital assets.

Additionally, it revealed support for six new cryptocurrencies: BCH, ETC, LTC, DOGE, USDC, and SHIB.

Founded in 2018 by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), Bakkt is a virtual currency-related enterprise known for its cryptocurrency trading and storage services, as well as its collaboration with Starbucks in cryptocurrency-related services.

Originally supporting BTC and ETH, Bakkt Custody is expanding its portfolio in December 2023 to include six additional cryptocurrencies.

With this expansion, the total number of digital assets supported by Bakkt Custody will be as follows:

• Bitcoin (BTC)
• Ethereum (ETH)
• Bitcoin Cash (BCH)
• Ethereum Classic (ETC)
• Litecoin (LTC)
• Dogecoin (DOGE)
• USD Coin (USDC)
• Shiba Inu (SHIB)

The revamped Bakkt Custody service also boasts enhanced features. These include offering segregated on-chain wallet addresses, enabling clients to set up security processes through the application, and providing access to more advanced reporting functions.

CEO Gavin Michael's Comments on Bakkt Custody

Gavin Michael, the CEO of Bakkt, commented on the new Bakkt Custody service:

The events of the past year have revealed why qualified and diversified crypto custody is so necessary.

Bakkt takes pride in being a provider that never co-mingles funds and always puts our client’s security first. With custody as a core anchor product, our team has been working diligently to enhance our platform with infrastructure built to withstand the shifting regulatory environment.

We anticipate several future developments as we continue to invest and rollout more advanced features.

Additionally, it was reported that Bakkt's new product has been awarded the 'Best Digital Assets Custodian' at the '2023 Digital Asset Awards' by 'The Digital Banker'.