Intercontinental Exchange, the parent company of the New York Stock Exchange, announced this week the development of Bakkt, a new company that will create a cryptocurrency ecosystem. The platform is expected to launch in November 2018 and will make using cryptocurrencies easier than ever before. The company has already teamed up with Starbucks and Microsoft to deliver an effective solution to the current issues digital currencies face.
Intercontinental Exchange Announced Bakkt
Cryptocurrency is an unregulated market at the moment. The development of this new company by Intercontinental Exchange, which will be called Bakkt, will help to deliver a global cryptocurrency ecosystem for the cryptocurrency market. The goal of the new company and its partners will be the creation of a system where crypto coins, with a particular focus on Bitcoin, will become a regulated market.
Bakkt will not only be run by the ICE (Intercontinental Exchange), it will be a partnership between the ICE and other giant organizations. The partnered companies currently include Microsoft, Starbucks and the BCG (Global Management Consulting).
According to one report, Starbucks will serve an important role in the early stages during the development of the Bakkt platform. They will particularly have a role in testing the efficiency of this platform among average consumers. With the launch of the Bakkt platform, consumers will initially be able to use their Bitcoin to pay for a cup of coffee at Starbucks. The system will allow the customer’s Bitcoin to be converted into fiat currency, US Dollars in the case of Starbucks. The system will then use the converted fiat currency to pay for the coffee.
This is only the start of the new ecosystem that is being developed for the cryptocurrency market.
The partnership with Microsoft also plays an important part in the success of Bakkt. The cloud solutions developed by Microsoft will act as the framework and base for the entire project, allowing for accurate regulation of cryptocurrencies and digital assets.
The CEO of the new company, Kelly Loeffler, explains that the Bakkt system was designed to be an open platform that will provide a way for merchants, institutions and the average consumer to buy, sell and transact with cryptocurrencies. Ultimately, the platform would offer better security and efficiency over the current methods used with these digital assets transactions.
Earlier Interest In Crypto Market By The ICE
The announcement of the ICE’s move to create a global cryptocurrency ecosystem was not the first time the global economy giant has shown an interest in this industry. Earlier this year, the ICE has released a new “Cryptocurrency Data Feed.” The ICE is trusted by millions around the world for up-to-date information about fiat currency, and the addition of this new data feed proved that they have an interest in digital assets as well.
The new data feed introduced by the ICE provided customers with various options that would ultimately serve them in determining potential investment opportunities and staying on track with current trading trends. The data feed provided historical data on popular currency pairs with the main focus on the trade between digital assets and fiat pairs. Additional data was also made available that would pair different types of crypto coins to each other, such as Bitcoin paired with Ethereum.