Bakkt shifts focus to custody services, adds support to DOGE, SHIB, other coins
Bakkt is expanding its custody services shortly after its quarterly earnings report showed assets under custody declined 28%. Crypto firm Bakkt appears to be returning to digital asset custody as its primary business, adding support for six new coins, according to an announcement on Nov. 15. Aside from Bitcoin (BTC) and Ethereum (ETH), Bakkt will expand its custodial support to include Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum Classic (ETC), Litecoin (LTC), Shiba Inu (SHIB), and USD Coin (USDC). The company expects to add more coins to its custodial services early next year. The custody of digital assets focus es on the safeguarding of cryptographic keys, which are crucial for accessing and transferring assets. Various security measures are employed by custodians, such as Bakkt, to protect assets, including cold storage of coins and multi-signature technology that demands multiple approvals for access. The announcement follows Bakkt's release of its quarterly earnings repo...