In less than two weeks, Bakkt will start offering bitcoin daily and monthly futures. However, Bakkt’s warehouse custody went live on 6th September. The company has announced that bitcoin held in their custody is covered by $125 million insurance policy.
After so many delays, the International Exchange-owned company is finally setting its foot in the crypto market. Bakkt will launch physically-delivered Bakkt Bitcoin Futures contracts on 23rd September. The announcement of insurance policy received positive feedback from the crypto community. $125 million are enough to cover more than 12,000 BTC at the current rate. Most of the crypto exchange use internal policies to cover unpredicted loses.
The Bakkt Warehouse is active for futures
Bitcoin deposited at our Warehouse is protected by a $125 million insurance policy
— Bakkt (@Bakkt) September 9, 2019
However, Bakkt did not mention any details of the insurance company. COO of Bakkt, Adam White, in a medium post, wrote that the Bakkt Warehouse allows for the safe and secure storage of bitcoin, and he added that they are thrilled with the initial response from customers.
Coincidently the day Bakkt started accepting bitcoin for its warehouse custody the same day a transaction worth a billion-dollar was noted, many from the crypto community linked the transaction to Bakkt. However, the company has not made any official comment over it.
Announcement of $125 million insurance would help the company by providing a sense of security to current and potential investors. Let us know in comments what do you think about Bakkt’s insurance policy and its anticipated BTC futures contracts launch?