Intercontinental Exchange is a Georgia based American company which is a parent company of New York Stock Exchange and operator of 23 regulated exchanges and marketplaces in United States, Canada, and Europe is developing a platform called “Bakkt” with giants like BCG, Starbucks and Microsoft. Once built, it will allow normal people to buy, sell, store and spend cryptocurrencies.
The company is all set to launch a futures exchange for cryptocurrencies which will be the first regulated and physically delivered Bitcoin Futures contract by next November. While people who love cryptocurrencies because they are unregulated might not like this but the company says that the Blockchain is a solid network and things will be much secure and better when regulated.
While the tech giant, Microsoft will provide its cloud solutions for building the platform. The coffee chain giant Starbucks will be helping with the usage of trusted applications. Which means, consumers will be able to convert their cryptocurrencies to FIAT at Starbuck chains around the globe!
“The Bakkt ecosystem is expected to include federally regulated markets and warehousing along with merchant and consumer applications. Its first use cases will be for trading and conversion of Bitcoin versus fiat currencies, as Bitcoin is today the most liquid digital currency. The effort is designed to address evolving needs in the estimated $270 billion digital asset marketplace.”
“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,” said Jeffrey C. Sprecher, Founder, Chairman and CEO of Intercontinental Exchange.
ICE has already formed the Bakkt company, but it won’t go live without the permission from CFTC. The company can begin its proceedings only after the approval from CFTC. At BlockPitch, we’re positive about the permission, because, Bakkt will be a regulated marketplace unlike the other cryptocurrency exchanges which are unregulated. However, the launch of the company is completely dependent on the approval from CFTC, let’s hope for the best!
