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News from Business Wire today states we should expect a new player to the industry. Intercontinental Exchange who operates exchanges, clearing houses and data and listings services on a global scale have made an announcement today. They state that they have plans to create a new company called Bakkt that will use cloud solutions offered by Microsoft to create a regulated and open global ecosystem for digital assets. Bakkt is said to be working with companies like BCG, Microsoft and Starbucks to name a few to create a platform that will grant people and institutions the ability to but, sell, store, and use their digital currencies on what seems to be a global network.
Bakkt is designed to enable consumers and institutions to seamlessly buy, sell, store and spend digital assets.
— ICE (@ICE_Markets) August 3, 2018
The first use case for Bakkt is reportedly for Bitcoin, allowing you to trade and convert into fiat. The companies efforts are deemed at addressing the needs of this industry as it evolves and increases in popularity. The founder of ICE, Jeffrey Sprecher, states that:
“In bringing regulated, connected infrastructure together with institutional and consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets,”
Bakkt claims that it will create new protocols for managing securities and settlement requirements of cryptocurrencies. CEO Kelly Loeffler states that Bakkt will be designed as a “scalable on-ramp for institutional, merchant, and consumer participation in digital assets by promoting greater efficiency, security and utility”. “We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce”
Sean Collins, a Senior Partner at BCG stated “Blockchain technology holds tremendous potential to enable new business models and trusted ecosystems,”. Collins also states that “By leveraging and developing fundamental market infrastructure, the Bakkt platform will enable firms across industries to accelerate a range of innovation.”
Starbucks Vice President of Partnerships and Payments also had something to say on Bakkt. They will be working with the platform to help convert digital currencies into US Dollars for use at Starbucks.
Currently, Bakkt is preparing for its launch with no date set thus far. The company will be announcing further details of its operations in the future.
What do you think about this new platform? What digital assets will you be bringing to the platform when it launches? Let us know in the comments or let us know on our Discord Server!