Bakkt Partners With Marsh For Additional Insurance Coverage of $500 Million, Onboards 70 Clients

Intercontinental Exchange’s digital assets platform Bakkt made some bold new announcements on Monday, May 18 by introducing new insurance cover for its digital asset custodial solution.

As per the announcement, Bakkt has partnered with insurance broker Marsh to offer an additional $500 million insurance cover for Bakkt warehouse. As Bakkt’s client-base for its institutional products in increasing, this partnership with Marsh will help Bakkt customers to work bilaterally with the insurance broker.

In the official blog post, Bakkt’s company president Adam White wrote: "Beyond the $125M of insurance already in place at the Bakkt Warehouse, customers can now purchase more than $500M in additional insurance coverage, subject to underwriting criteria”.

White also added that this move from Bakkt will help the organization unlock the value of digital assets thereby making them “more accessible, easier to use, and underscored by trust expands access to the global economy for consumers, merchants, and institutions alike”.

The post further indicates that Bakkt is now expanding its institutional crypto custody businesses to more than 70 clients. For this, the company has also undergone two audited reviews. This includes the SOC 1 Type I done by Big Four accounting giant KPMG and the other is a SOC 2 Type II done by its own parent company Intercontinental Exchange (ICE).

Earlier this year, Bakkt has also acquired a loyalty solutions provider - Bridge2 Solutions. Besides, the company also noted that it has partnered with two big financial institutions for its enterprise loyalty product.

"We recently partnered with two of the largest financial institutions, leveraging these products to enable an additional 30+ million consumers to redeem their points for travel, merchandise, and gift cards through our platform,” wrote Adam White.

On the other hand, Bakkt is also major focusing on one of its pet projects i.e. the retail-focused mobile application. With its retail app Bakkt is eyeing to serve a massive user-base of over 30 million.

Remember, during Bakkt’s inception, it had already partnered with retail giants like Starbucks. This partnership allows users to spend their crypto holdings at Starbucks through the Bakkt app.

Writing further on this development, Adam wrote: “As we drive towards the launch of the Bakkt app, we’re already unlocking the value of digital assets for consumers, merchants, and institutions. Whether it’s airline miles, credit card points, or cryptocurrencies, our products are making digital assets more accessible, useful, and trusted”.