NYSE Parent Company to Launch Massive Crypto Project

Physical Bitcoin futures should begin trading on Bakkt, a new project, backed by Intercontinental Exchange, the parent company of NYSE, in November 2018. BCG, Microsoft and Starbucks are among the partners.

Intercontinental Exchange, the parent company of the New York Stock Exchange announced the launch of a new company – Bakkt – for trade of crypto coins in an open and fully regulated global ecosystem for digital assets.

The project could become a game-changer for the crypto world if all legal requirements are met.

“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, […] We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce,” Kelly Loeffler, CEO of Bakkt, said in the press release.

In the beginning, Bakkt will feature a US-based futures exchange and a clearinghouse. The plan is to create one-day physical delivery Bitcoin (BTC) contracts by November 2018. They will be backed by a physical warehouse and feature a separate guarantee fund, which appears to be much-needed as illustrated by the recent OKEx situation. All involved entities should be fully regulated and compliant with the US legal environment.

“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,” Jeffrey C. the head of Intercontinental Exchange, was quoted as saying in the press release.

M12, Microsoft’s venture capital arm, is one of the key investors in the project. The company’s cloud solutions will also be a key part of Bakkt. Starbucks plans to collaborate with the project, providing expertise on the mobile payments and rewards front, although no significant details are revealed yet.