Bakkt’s custody ambitions could trigger market consolidation
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Quick Take
- Bakkt launched its institutional custody business on Monday
- This may pose an existential threat to other crypto custodians
- As custody fees compress, companies are forced to provide some value-adds such as altcoin custody, staking and lending to retain customers
- Or they can be acquired by Bakkt and other brand names with big budgets and an appetite to shop around
At The Block, Frank Chaparro usually writes about the glamorous crypto derivatives that generate much fanfare, while I cover the far less sexy crypto custody. Thanks to Bakkt, our two worlds intertwine. On Monday, the famed bitcoin derivatives platform said it will officially open up its institutional custody business. The announcement itself should not be […]
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