Crypto services firm Bakkt renews emphasis on crypto custody following market events and increasing client interest.
in its earnings that"recent market events have highlighted the difficulty in storing digital assets safely and the need for multi-custodian access and secure self-custodial functionality."
"We have successfully signed new custody clients and are engaged in late-stage negotiations with multiple prospects across broad client verticals," the firm added. Bakkt's business spans back-end infrastructure for loyalty and rewards points as well crypto and trading solutions via its Bakkt Crypto Solutions business. The latter unit counts companies like Webull as clients. The company reported $335.3 million in crypto services revenues, which represents the crypto purchases facilitated by Bakkt on behalf of its clients. Those purchases are marked at face and shown as revenues. Operating expenses topped $398 million.
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