Intercontinental Exchange (ICE), the proprietor of an array of exchanges, including the New York Stock Exchange (NYSE), reported that a platform for transforming bitcoin into a mainstream financial asset will be established.
In a recent announcement, ICE unveiled Bakkt, a platform that ICE is working on alongside such major companies as Microsoft and Starbucks. The upcoming platform will integrate with the parent company’s clearinghouse and U.S. futures market to list a bitcoin futures product. Bakkt will see light in November, currently, it is awaiting regulatory approval.
Kelly Loeffler, CEO of Bakkt said that “We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.”
Bakkt is supposed to be more than simply an exchange for bitcoin futures, its creators intend it to aid cryptos on their journey to becoming a mainstream financial asset.
“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, the founder, chairman, and CEO of ICE.
WHY IS THIS IMPORTANT?
- Being one of the biggest names in finance, ICE can serve as custodian for the assets stored on the new platform. This may potentially ease the way for insurance companies to get on board crypto.
- ICE will serve as a regulated custodian attracting more investors to the world of crypto.