Litecoin (LTC) announced its inclusion in Bakkt’s relaunched enhanced custody platform, Bakkt Custody. Bakkt, a leading trading and custody services provider, revealed plans to expand its footprint by entering nine new international markets by the year-end.
Bakkt Holdings officially disclosed the relaunch of its Bakkt Custody platform on November 15, 2023. The updated platform boasts enhanced capabilities, a redesigned interface, and a flexible architecture facilitating the swift integration of future functionalities. Among the platform’s new features are segregated on-chain wallet addresses, configurable security processes, and advanced reporting options for clients.
Gavin Michael, the CEO of Bakkt, emphasized the critical role of diversified crypto custody in light of recent events. He underscored Bakkt’s commitment to security, highlighting the platform’s adherence to robust security and compliance policies.
Operated under Bakkt Trust Company LLC, an NYDFS Qualified Custodian, the institutional-grade platform is designed with reliable infrastructure, insurance coverage for digital assets, and rigorous security controls tested by independent third parties.
Bakkt also announced the addition of six new tokens to its Custody platform, bringing the total to eight, including Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Dogecoin, USD Coin, and Shiba Inu. These additions aim to provide clients with increased flexibility between platforms and are set to be integrated in December 2023.
Litecoin’s Market Stability
Meanwhile, Litecoin has been catching the crypto community’s attention as its price remained stable above $73. Despite recent market fluctuations, Litecoin’s value has demonstrated resilience, trading around $73 per coin after a positive month that saw its price rise from $60 to over $75.
Litecoin miners are contributing to this stability by accumulating larger amounts of LTC, reaching the highest reserves since mid-August 2023, as reported by IntoTheBlock. The accumulation hints at a bullish sentiment among miners, suggesting potential readiness for a new bull market in the crypto industry.
While the broader market’s direction remains uncertain, Litecoin’s current stability and miner activity hint at a positive outlook, with historical data indicating the potential for significant price movements in the coming months or years. As the crypto market evolves, Bakkt’s strategic moves and Litecoin’s resilience position both entities for further success in an ever-changing landscape.
Related Reading | Shiba Inu Netflows Surge 1275% as Whales Scoop Up SHIB