Owner of the New York Stock Exchange will open …

Owner of the New York Stock Exchange will open …

Owner of the New York Stock Exchange will open a platform for trading bitcoin

New York Stock Exchange operator Intercontinental Exchange (ICE) has announced plans to create a new company called Bakkt that will leverage Microsoft’s cloud-based solutions to build and open a regulated global digital asset ecosystem, according to a press release..

The new company is already working with a number of organizations including the Boston Consulting Group, Microsoft and Starbucks to create a holistic platform that will enable retail customers and institutions to buy, sell and spend digital assets..

Bakkt’s ecosystem is expected to include federally regulated digital asset trading and storage solutions, as well as a variety of merchant and consumer applications.

Initially, the platform will provide trading and conversion services in pairs with bitcoin and fiat currencies.

Bakkt’s first product will be one-day bitcoin futures with “physical” delivery of the asset, which is a fundamental difference from the current futures traded on the CME and CBOE exchanges, which are settled in fiat. The instrument is expected to launch in November 2018 following approval by the US Commodity Futures Trading Commission (CFTC).

In addition to ICE and M12 (Microsoft’s venture division), Bakkt’s investors can be Fortress Investment Group, Eagle Seven, Galaxy Digital, Horizons Ventures, Pantera Capital, Protocol Ventures, Susquehanna International Group and Alan Howard.

Owner of the New York Stock Exchange will open ...

“As a cutting edge retailer, Starbucks will take a leading role in developing practical, regulated and trustworthy applications that enable customers to convert their digital assets into US dollars and pay with them at Starbucks,” said Maria Smith, Starbucks VP of Cooperation and payments.

“By combining a regulated and coherent infrastructure with digital asset use cases targeting institutional and retail clients, we plan to increase confidence in this asset class globally, in line with our credit for providing transparency and trust in previously unregulated markets,” said Founder, Chairman and ICE CEO Jeffrey Sprecher.

Bakkt is currently preparing to launch with further details of its operating activities to be announced in the coming weeks..

Owner of the New York Stock Exchange will open ...
Owner of the New York Stock Exchange will open ...

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