Posted 11/15/2023, 5:37:30 PM
Bakkt Expands Crypto Custody, Adds Support for Dogecoin and Shiba Inu Despite Decline in Assets Under Custody
- Bakkt expanding custody services, adding support for DOGE, SHIB, and other coins
- Comes after Q3 earnings report showed assets under custody declined 28%
- Generated $204.8M revenue in Q3, crypto revenue was $191.8M
- Assets under custody totaled $505.7M, down 28% year-over-year
- Developing partnerships to strengthen crypto custody offering
- Focus on custody part of strategy to target business clients