Intercontinental Exchange partners up with Microsoft and others to launch a Global Digital Assets Platform

Intercontinental Exchange partners up with Microsoft and others to launch a Global Digital Assets Platform

Bitcoin News
August 4, 2018 by Editor's Desk
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Intercontinental Exchange that owns and operates 23 regulated exchanges and marketplaces, announced on 3rd August, its plans to incorporate Bakkt, to create an “open and regulated, global ecosystem for digital assets” powered by the Microsoft Cloud. This would allow users to spend, store, buy and sell digital assets all by being a part of the
Intercontinental Exchange

Intercontinental Exchange that owns and operates 23 regulated exchanges and marketplaces, announced on 3rd August, its plans to incorporate Bakkt, to create an “open and regulated, global ecosystem for digital assets” powered by the Microsoft Cloud. This would allow users to spend, store, buy and sell digital assets all by being a part of the seamless network.

Kelly Loeffler, CEO of Bakkt, has a clear description of what Bakkt is and what it plans to do. He says,

“Bakkt is designed to serve 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.”

The Bakkt platform would allow the cryptocurrency markets to mature in a secure and efficient manner without hurting the transaction flows between users.

Jeffrey C. Sprecher, Founder, Chairman, and CEO of Intercontinental Exchange, said,

“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.”

The new company established will also work with bigger companies like the Boston Consulting Group (BCG), Starbucks, and other organizations as well.

Sean Collins, a Senior Partner at BCG is optimistic about the future of blockchain technology.

Blockchain technology holds tremendous potential to enable new business models and trusted ecosystems,” said Collins. “By leveraging and developing fundamental market infrastructure, the Bakkt platform will enable firms across industries to accelerate a range of innovation.”

As a result, one of the premier use cases offered by it will be the option to trade and convert Bitcoin and use the result to buy any item at their nearest Starbucks outlet.

Investors in Bakkt include M12 (Microsoft’s venture capital arm), Mike Novogratz’s Fortress Investment Group, Eagle Seven, Galaxy Digital, Horizons Ventures, Alan Howard, Pantera Capital, Protocol Ventures, and Susquehanna International Group, LLP.

According to Business Wire,

“As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearinghouse plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval. These regulated venues will establish new protocols for managing the specific security and settlement requirements of digital currencies. In addition, the clearinghouse plans to create a separate guarantee fund that will be funded by Bakkt.”

These physically delivered Bitcoin contracts will be different from those launched earlier by the CBOE and CME and are likely to pave the way for institutional adoption and a huge influx of capital in the crypto market.

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