Interest in the global cryptocurrency market grows rapdily. And demand for security and efficiency is intensifying everywhere. Today, we are introducing Bakkt. A company that will enable consumers and institutions to buy, sell, store and spend digital assets on a seamless global network.
Formed by Intercontinental Exchange, better knows as ICE — an operator of global exchanges, clearing houses, data and listings services — Bakkt will work with a great variety of companies including BCG, Starbucks, Microsoft and others. They do this in order to create an open ecosystem that supports the endless growing needs in the estimated ~$270 billion digital asset marketplace.
Bakkt expects to include federally regulated markets and warehousing. All of this along with merchant and consumer applications. Initially Bakkt will focus solely on the trading and conversion of Bitcoin versus fiat currencies. Given Bitcoin is currently the most liquid digital currency in the world.
By combining regulated infrastructure with institutional and consumer applications, Bakkt will apply their track record of bringing transparency and trust to previously unregulated markets. In this way, they intend to play a key role in boosting institutional, merchant and consumer participation in digital assets.
As an initial component of the Bakkt offering. Intercontinental Exchange’s U.S.-based futures exchange and clearing house has a plan. A plan to launch a 1-day physically delivered Bitcoin contract. Along with physical warehousing in November 2018, subject to CTFC review and approval. These regulated venues will establish new protocols for managing the specific security and settlement requirements of digital currencies. In addition, the clearing house plans to create a separate guarantee fund that will be funded by Bakkt.
The opportunity to help unlock the transformative potential of digital assets across global markets is exciting. Bakkt is preparing their launch in the upcoming weeks, and Cryptomoonity is looking forward to keep you updated about the progress.
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