Intercontinental Exchange To Launch Digital Assets Platform Bakkt

Intercontinental Exchange (ICE) is planning to launch a digital assets ecosystem through a new startup company called Bakkt. The company will leverage Microsoft cloud solutions to create an open and regulated, global ecosystem for digital assets.

Bakkt will tie up with organizations such as Boston Consulting Group, Microsoft, Starbucks, and others, to create an integrated platform that enables consumers and institutions to buy, sell, store and spend digital assets on a seamless global network.

Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks.

The ecosystems initial aim will be to provide trading and conversion of Bitcoin versus fiat currencies, as Bitcoin is today the most liquid digital currency.

The Bakkt digital assets ecosystem is expected to include federally regulated markets and warehousing along with merchant and consumer applications for digital assets like cryptocurrencies such as Bitcoin.

As part of the initial launch, ICE’s U.S.-based futures exchange and clearing house plans to launch a one-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to review and approval by the U.S. Commodity Futures Trading Commission.

This pilot will help in establishing new protocols for managing the specific security and settlement requirements of digital currencies.

Bakkt is currently on the anvil. Further operational details will be announced in the coming weeks.

The investors in the Bakkt digital assets ecosystem will also include an affiliate of Fortress Investment Group, Eagle Seven, Galaxy Digital, Horizons Ventures, Alan Howard, Pantera Capital, Protocol Ventures, and Susquehanna International Group, LLP.

ICE is the operator of 23 regulated global exchanges and marketplaces, including the New York stock Exchange.

by RTTNews Staff Writer

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