Bullish For Shiba Inu (SHIB) and Dogecoin (DOGE)? This Major Custodian Steps Up

17.11.2023 / Payment system news


  • Bakkt Custody Relaunch: Bakkt relaunched its custody platform with new features like segregated wallets, enhanced security options, and advanced reporting.
  • Focus on Security and Regulatory Compliance: Bakkt’s CEO Gavin Michael emphasized the importance of secure, qualified crypto custody and adapting to regulatory changes.
  • Expansion with Memecoins: Bakkt added popular memecoins, including Shiba Inu (SHIB) and Dogecoin (DOGE), which have recently experienced significant price increases.

Bakkt Relaunches Its Custody Platform

The cryptocurrency trading venue – Bakkt – disclosed the relaunch of its Bakkt Custody platform, granting customers additional services. Specifically, the new feature “offers segregated on-chain wallet addresses, gives clients the ability to configure security processes in the application, and provides access to more advanced reporting features,” the announcement reads.

Speaking on the move was Bakkt’s President and CEO – Gavin Michael – who believes the catastrophic events in the digital asset sector last year have “revealed why qualified crypto custody is so necessary.”

“Bakkt takes pride in being a provider that never co-mingles funds and always puts our clients’ security first. With custody as a core anchor product, our team has been working diligently to enhance our platform with infrastructure built to withstand the shifting regulatory environment.

We anticipate several future developments as we continue to invest and roll out more advanced features,” he added.

The entity also intends to add six additional cryptocurrencies to its renewed custody platform, including the biggest memecoins by market capitalization – Shiba Inu (SHIB) and Dogecoin (DOGE).

“These additional assets allow us to cater to clients seeking more fluidity between platforms. We’re pleased to increase our offering in a secure and regulatory-first way,” Michael argued.

How Are SHIB and DOGE Doing?

Both memecoins have followed the recent green wave in the crypto sector, charting significant gains. SHIB’s price has spiked around 6% in the past 24 hours and 25% in the last month. For its part, DOGE has jumped 32% on a 30-day basis.

Shiba Inu’s ascend could be attributed to the rapid development of Shibarium and some of the partnerships inked between the memecoin project and famous individuals. As CryptoPotato reported on November 15, Shiba Inu shook hands with the boxing legend Manny Pacquiao.

Speaking of Shibarium, it is worth mentioning some of the milestones the layer-2 blockchain solution has reached lately. The number of total blocks on the network surpassed 1.5 million, while total transactions are close to 4 million. Those willing to learn more about Shibarium could take a look at the video below:

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