According to the recent press release, one of the biggest projects regarding the crypto world might be afoot, with some of the largest companies in the world joining hands in creating a new platform for spending, storing, selling, and buying cryptocurrencies.
New crypto platform on the horizon
According to a new announcement from ICE (Intercontinental Exchange), published last Friday, on August 3, the parent company of the New York Stock Exchange (NYSE), the company is preparing the largest team-up that the crypto world has seen to date. Together with Microsoft, BCG, and even Starbucks, ICE plans to create and launch an online platform called Bakkt. Once live, Bakkt will allow users to trade, spend, buy, or sell cryptocurrencies as they please.
It will represent a completely open ecosystem for managing digital assets, and it will be available around the world. Additionally, it is to be powered by cloud solutions provided by Microsoft itself.
According to the press release, the collaboration’s goal is to establish confidence in the asset class around the world. The plan to do this by bringing connected, and regulated infrastructure that will contain digital asset applications for consumers, as well as institutional investors. These are also the companies proud of their levels of transparency, which they wish to extend to the vastly-unregulated crypto market.
One of the immediate goals of the new Bakkt ecosystem will include enabling Bitcoin against fiat conversion and trading. At the moment, Bitcoin is the top crypto when it comes to liquidity, so this choice makes perfect sense. Additionally, Bakkt is also to include markets that are federally regulated.
Improving the crypto space
Another report, issued by KPMG, claims that various applications for cryptos are constantly being developed. Not only that, but various regulatory frameworks are also advancing in design all the time, and the number of investments in the blockchain technology and crypto space continues to grow on a daily basis. Now, Bakkt wants to spice things up even more and to help the crypto market evolve even further, but in an efficient and secure way.
ICE’s founder, CEO, and chairman, Jeffrey Sprecher, has said that Bakkt will offer futures exchange as one of its initial components. Additionally, there will be a 1-day event that will include physically delivered BTC futures contracts, as part of the clearinghouse plan. All of these venues, alongside others, will be completely regulated and will lead to establishing new and improved protocols for managing security, as well as requirements regarding settlements in the crypto space.