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Bakkt’s custody ambitions could trigger market consolidation

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

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