I haven't really looked into it, but I wouldn't easily trust their "secure storage of customer bitcoin". If BAKKT f*cks up and loses all coins, is there an insurance company that gives you back your Bitcoins? Or some dollar value at the moment of the hack, which you'll receive many years later (Mt. Gox anyone?) when Bitcoin went up 50-fold and you missed out on that?
They announced a few months ago that they obtained a $100,000,000 insurance policy on their cold storage:
The exchange has also secured insurance for funds stored offline.
“Bakkt uses both warm (online) and cold (offline) wallet architecture to secure customer funds. The majority of assets are stored offline in air-gapped cold wallets that are insured with a $100,000,000 policy underwritten by leading global insurance carriers,” he wrote, though he did not identify who these carriers were.
This is in contrast to Coinbase, who only has an insurance policy on their hot wallets. Of course if you lose BTC in an insurable event, you can only expect (at best) to be compensated with the dollar equivalent at the time of the event, paid in USD.
