Bakkt Review 2024

Published: February 7, 2024   |   Last Updated: February 16, 2024
George Hristov
George Hristov

The Bottom Line: Bakkt (NYSE: BKKT) is an institutional provider of crypto services including custody and trading, as well as both crypto on-ramp and off-ramp services. Spun out of ICE, the parent organization of the New York Stock Exchange, Bakkt counts large brands like Webull & Caesars Entertainment among its clients. For large businesses and institutions looking to provide crypto services to their customers, Bakkt provides easy-to-integrate APIs and even ready-to-use UI for its products.


  • Large emphasis on security and regulatory compliance
  • Trusted by large brands like Webull and Caesars Entertainment  
  • Full 1:1 backing of user assets with no rehypothecation
  • On-ramps and off-ramps for crypto


  • Limited list of crypto options
  • You’ll need to contact Bakkt directly to get price quotes
Via Bakkt’s Website

Review Score: 4.8/5

Bakkt Overview

Supported AssetsAvailability Safety PracticesSecurity FeaturesRegulatory Compliance
BTC, ETH, USDC, DOGE, ETC, SHIB, LTC, BCHAbility to operate in all 50 states, Puerto Rico, and select regions internationally No asset rehypothecation — all user assets are backed 1:1
$200 million insurance policy on funds under custody
SOC 1 Type 2 and SOC 2 Type 2 compliance
Regular third-party audits and penetration testing
24/7 response support
Bakkt Trust is a Qualified Custodian by the NYDFS
Bakkt has obtained a BitLicense from NYDFS

What Is Bakkt? 

As blockchain adoption hits critical mass and more institutions are taking crypto seriously, businesses need reliable partners in order to offer crypto services to their customers. It’s to this end that Bakkt was created. The platform offers institutions with easy crypto solutions for buying and crypto custody, trades, and on-ramps.

Bakkt was founded by the Intercontinental Exchange (ICE), the parent organization of the New York Stock Exchange, in 2018 and spun off into its own entity in 2021 (NYSE: BKKT). From inception, the platform has deep roots in institutional finance and checks all the boxes when it comes to regulatory compliance with a BitLicense from the New York Department of Financial Service (NYDFS) that allows it to operate a virtual currency business within the state of New York — a privilege granted only to a few dozen companies so far. 

Beyond just trading and custody services, Bakkt is trusted by large brands including Caesars Entertainment and others for crypto-native reward programs. When it comes to user security, Bakkt has all its bases covered. The platform holds crypto assets in segregated wallets, using a combination of hot & cold storage, assets are never rehypothecated, and the custodian operates with a full 1:1 reserve at all times. 

Bakkt Key Features 

Bakkt originally launched with a split focus on retail and enterprise services but has since wound down its retail operations to focus exclusively on facilitating crypto rails for institutions and large brands. These services can be summarized into three main areas

  • Bakkt® Trade: Bakkt allows businesses to provide native crypto buying & selling flows to their customers. To get started, enterprise users can connect the Bakkt API to their website or app, or use Bakkt’s provided front-end. The platform provides transaction services for Bitcoin (BTC), Ether (ETH), USD Coin (USDC), Dogecoin (DOGE), Shiba Inu (SHIB), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC). 
  • Bakkt® Custody: For businesses looking for a reliable custody partner that can take care of their customers’ crypto assets, Bakkt provides institutional-grade custody. Bakkt is a Qualified Custodian under the NYDFS and provides security features such as segregated wallets and SOC 1 & 2 compliance. Most importantly, Bakkt does not lend out customer assets, maintaining a 1:1 asset backing at all times. 
  • Bakkt® On-ramps and Off-ramps: As a complementary solution to products within Bakkt’s platform, fiat-to-crypto on-ramps and off-ramps are available via ACH and wire options. With Plaid as an ACH partner, onboarding can be expedited for existing or new partners of Plaid. As part of its on-ramp ecosystem, Bakkt also offers loyalty point-to-crypto conversion via Bakkt® Crypto Rewards. For small businesses seeking near-instant, low-fee global remittances, Bakkt® Remittances enables cross-currency transactions on the Lightning Network.

Additional Features

Additionally, Bakkt offers several features and services to help their clients connect and utilize crypto in a variety of ways.

  • Bakkt® On-ramps 
    • Bakkt APIs enable seamless fiat-to-crypto on-ramps and off-ramps for a variety of use cases. Users can choose from a number of different integrations to find the best solution for their product
    • Bakkt offers on-ramps and off-ramps to help move money seamlessly in and out of crypto environments when paired with Bakkt Trade. With capabilities spanning ACH and Wire Transfer, they also support fiat-to-crypto entry points powered through loyalty currencies leveraging Bakkt® Crypto Rewards. Bakkt holds an NYDFS BitLicense, MSB registrations, and Money Transmitter Licenses where required.  
  • Wire Transfers 
    • Wire transfers for retail trading on an institutional platform 
  • Seamless Experience 
    • Integrated ACH, with Bank linking powered by Plaid Link 
  • Flexible Integration 
    • ACH, Wire Transfer, or Loyalty reward conversion 
  • Loyalty Conversion 
    • Convert loyalty currencies to crypto through fiat settlement 
  • ACH and Wire Transfers 
    • Bakkt APIs enable ACH with instant-buy options and Wire Transfers for retail investors. 
  • Turnkey Plaid Integration 
    • Bakkt and Plaid’s layered integration supports fiat funding for crypto trading in your app’s front-end environment. 
  • Crypto Rewards
    • Bakkt® Crypto Rewards works with businesses to provide their rewards program members a way to redeem loyalty currencies for cryptocurrencies. As part of the redemption program, Bakkt handles points-to-crypto settlement and on-ramps offered with Bakkt® Link—a front-end experience for users to manage their crypto post-redemption. 

Our Expert Review of Bakkt

With a suite of crypto-related financial tools and services, Bakkt aims to deliver utility, security, and integration solutions to their clients. And as an institutional service, Bakkt takes their own security very seriously as well – always making sure that their customers’ investments are fully backed, and maintaining compliance with local regulations as well as regularly running their own audits and security checks.


One of Bakkt’s main services is its Trade program, which allows businesses of all types and sizes to easily integrate crypto on-ramps for their users. Through Bakkt® Trade, businesses can offer their users the option to buy, sell, and store crypto right from their website or app — powered by Bakkt’s API. Available in all 50 states and select international regions, Trade facilitates the ability to deliver crypto to end-users.

Bakkt features institutional-grade custody services and regulatory compliance that provides businesses and users alike with peace of mind. When it comes to anti-money laundering, Bakkt goes a step further with their tools for blockchain analysis and fund tracking which ensures all crypto flowing through your business is clean. Bakkt is also very particular about what cryptocurrencies they work with; according to their website they “prioritize security, regulation, and long-term sustainability” when selecting what coins to offer.


Bakkt® Custody is one of the most well-regulated custody services available to institutions today. As a “Qualified Custodian” under the New York Department of Financial Services (NYDFS), Bakkt splits customer funds between software (“hot”) wallets and hardware (“cold”) wallets, provides a team of custody experts available 24/7, and operates an environment compliant with SOC 1 and SOC 2 Trust Services Criteria

Bakkt emphasizes compartmentalized custody, highlighting that all the crypto they custody is always held on behalf of the user and “never used for lending, pledging, or any other similar purposes.” This is an important point as secondary lending of crypto has been the culprit in high-profile crashes like that of FTX. 

Finally, Bakkt’s hardware wallets are held in biometrically secure facilities, and all client funds are insured under a $200 million insurance policy. 

Customer Service 

Due to Bakkt’s nature as a bespoke enterprise product, customer service for non-customers is limited to filling out a contact form on the company’s website.

For Bakkt’s clients, there is 24/7 technical and operational support through various ways. Bakkt has support email addresses for each product, a dedicated partner support function, as well as a self-service marketing portal to help clients activate. End users looking for help with their crypto can also contact support at

Who’s Bakkt For?

  • People who need enterprise solutions: Bakkt is first and foremost a partner to large businesses and institutions. The platform makes their services available through an API that businesses can easily customize and build alongside their native features. Clients without a large technical team can also opt to use Bakkt’s ready-made UI solutions for faster integration.
  • People who need industry-standard custody: Keeping user funds safe is hard, and the industry has developed several standards that ensure this process is as smooth and reliable as possible. Bakkt provides security assurances including SOC Type 1 & 2 compliance, wallet segregation, an insurance policy on all customer funds, and fully backed reserves of all assets with no rehypothecation. 
  • People who need a regulated crypto partner: Regulatory compliance is a thorny territory for crypto companies. With deep roots on Wall Street, however, Bakkt checks all the necessary boxes including Qualified Custodian status with NYDFS, a BitLicense, MSB registration, and an MTL license with the ability to operate in all 50 states. 

Who’s it Not For?

  • People who are not institutions: Retail users won’t find much here for them as most of Bakkt’s products require API integrations and work best with custom-built solutions. For everyday users looking to buy, sell, and custody crypto, established exchanges can provide these services quickly and efficiently. 
  • People who want lots of crypto assets: Bakkt carefully selects what assets to support using the NYDFS-approved “Coin Listing Policy.” Currently, the platform supports a handful of assets including BTC, ETH, USDC, DOGE, ETC, SHIB, LTC, BCH, so clients that are in the market for altcoins may have to look elsewhere. 
  • People who don’t have a development team: While Bakkt’s services often come with pre-made UIs (a major benefit of the service), the majority of products are API-based and will require extra coding to set up properly. Businesses without a dedicated software development team may find Bakkt products difficult to integrate. 

Bakkt Alternatives

Bakkt is an all-in-one package facilitating crypto trading, custody, and other services, but it’s not the only reputable crypto rails service out there. Below we take a look at some other options and compare how Bakkt stacks up. 

Bakkt vs. ZeroHash

ZeroHash is a crypto infrastructure company that provides clients with crypto trading, custody, payments, & loyalty rewards services — similar to Bakkt. Where it stands out is in its vast support for a wide range of cryptocurrencies (over 65) and blockchains (22 different chains). However, Bakkt edges ZeroHash out in big-name partners and regulatory compliance. 

PlatformSupported AssetsServices OfferedPartnersUnique FeaturesSecurity
ZeroHash65+ digital assetsTrading
Custody Services
Loyalty Programs
Draft Kings
On-Chain Settlement
Support for 22 blockchains as well as NFTs
SOC Type 2
ISO/IEC 270001:2013
Vulnerability Disclosure Program
Webull Pay
Provide ready-to-use UIs for their products
Public company highly compliant with NYDFS
SOC 1 and 2 Type 2 compliant
$200 million custody insurance fund
NYDFS Qualified Custodian

Bakkt vs. NYDIG

NYDIG is an institutional crypto provider that specifically focuses on Bitcoin transactions. For businesses looking to provide Bitcoin services to their customers, NYDIG provides a range of options including borrowing & lending as well as a Bitcoin savings plan for employees. Businesses interested in more than just Bitcoin, however, may find Bakkt a better partner.  

PlatformSupported AssetsServices OfferedPartnersUnique FeaturesSecurity
NYDIGBitcoin onlyInvest & Trade
Borrow & Lend
Bitcoin Savings Plan
New York Yankees
US Bank
Large focus on Bitcoin custody and services
SOC 1 Type 2 and SOC 2 Type 2 compliant
Audited by a multinational professional services firm
Webull Pay
Provide ready-to-use UIs for their products
Public company highly compliant with NYDFS
Current SOC 1 and 2 Type 2 reports
$200 million custody insurance fund
NYDFS Qualified Custodian

Is Bakkt Safe to Use?

Due to the ever-changing nature of crypto, we cannot accurately say how safe and secure a product is now or will be in the future. We have examined a variety of factors to determine how safe we believe Bakkt is, but please use caution and always get a sense of the platform yourself. Below we examine a list of factors that contribute to the security of Bakkt and the crypto solutions they provide to businesses. 

Bakkt Security

Largely thanks to its roots with ICE, Bakkt takes security and regulatory compliance seriously. The provider does not rehypothecate or lend out any funds under custody. All customer crypto is kept in a separate trust entity regulated by NYDFS and all assets are fully backed 1:1.

Bakkt uses an NYDFS-approved Coin Listing Policy to choose which assets to list on its platform. This policy provides guidance on best practices for selecting and listing cryptocurrencies on platforms such as Bakkt. 

The platform is also SOC 1 Type 2 and SOC 2 Type 2 compliant and undergoes annual third-party penetration testing. Bakkt continuously maintains their security practices through teams dedicated to upholding security and compliance programs. These teams include an Internal Audit department and an Enterprise Risk department. 

When Was Bakkt Founded?

Bakkt was founded in 2018. 

Initially formed under the Intercontinental Exchange (ICE), Bakkt spun out into its own company in 2021. Bakkt is now a publicly traded company on the New York Stock Exchange. 

How Much Money They’ve Raised

At the time of its public listing in 2021, Bakkt had raised $448M, according to Crunchbase

Bakkt went public via SPAC at a valuation of 2.1 billion dollars. Its former parent organization, ICE, retains a 65% stake in the public company. 

Where is Bakkt Licensed?

Bakkt has the ability to operate in all 50 states, Puerto Rico, and select regions internationally.

When it comes to regulatory compliance, the crypto provider is licensed as a Qualified Custodian under NYDFS and has obtained a BitLicense. 

Final Thoughts On Bakkt

Bakkt is a crypto infrastructure company that provides large businesses and institutions with crypto custody, trading, and on-ramps. The platform’s user-friendly APIs and their pre-made UI front-ends make integrating these products an easy and straightforward process for all types of businesses. As a spinoff of ICE, Bakkt’s extensive regulatory compliance makes it a good choice for companies who want to make sure their crypto products are fully compliant. 

Frequently Asked Questions

Bakkt provides crypto services and solutions that are relevant for institutional digital asset management as well as enabling businesses that want to provide crypto to their customers

Businesses integrate Bakkt’s services into their website or app through an API, and Bakkt handles all the backend work for crypto trading, custody, and more, offering B2B2C & B2B Solutions.

Following a client’s request for fund withdrawal, Bakkt support reviews the request and sends the funds.

Clients are notified via email once a request goes through, though newly whitelisted addresses may experience a 48-hour holding period.

The full list of supported assets are BTC, ETH, USDC, DOGE, ETC, SHIB, LTC, & BCH

Bakkt is a public company traded on the New York Stock Exchange under the ticker symbol BKKT.

The company was originally formed as a part of Intercontinental Exchange, Inc. (ICE), the parent organization of the New York Stock Exchange. ICE retains a 65% stake in the publicly traded Bakkt corporation.

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