Intercontinental Exchange (ICE) to Release a Cryptocurrency Platform in November

3 min read

The US-based stock exchange operator Intercontinental Exchange (ICE) intends to release a cryptocurrency platform in November 2018 available globally. 

New York Stock Exchange operator ICE has announced on 3 August about its plans to launch a “scalable on-ramp” crypto platform. According to an official press release, ICE will soon launch a “global platform and ecosystem for digital assets” called Bakkt.

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,” Kelly Loeffler, CEO of Bakkt stated.

We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce,” she added.

The Bakkt project is being developed in collaboration with the Starbucks, Microsoft and BCG giants. Through this partnership, Starbuck is committed to offering its network customers the opportunity to pay with digital currency.

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,” Maria Smith, VP of partnerships and payments explained.

The community reacts

The announcement immediately triggered a wave of comments. Barry Silbert, founder and CEO of Digital Currency Group, was a little amused on Twitter:

The Bakkt project is also supported by investors, whose name is internationally known, counting Pantera Capital and Susquehanna.

Blockchain technology holds tremendous potential to enable new business models and trusted ecosystems,” BCG senior partner Shaun Collins explained, by adding that:

By leveraging and developing fundamental market infrastructure, the Bakkt platform will enable firms across industries to accelerate a range of innovation.”

For the beginning, the Intercontinental Exchange intends to release a one-day physically transferred Bitcoin contract plus a “physical warehousing” in about 3 months. The parent company also plans to set a new security standard for virtual assets. Furthermore, the clearing house will develop an independent assurance fund to be sponsored by Bakkt.

For more details check the Bakkt website.

Author: Adriana Midrigan

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