World’s Largest Stock Exchange NYSE Owner is Launching a Bitcoin Market
Intercontinental Exchange, the world’s biggest stock exchange operator, has announced plans to launch a new company dubbed Bakkt.
The new venture, which is expected to launch in November, will offer a federally regulated market for Bitcoin. It is aimed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security, and utility.”
The company will leverage Microsoft’s cloud solutions, to offer better functionality for use of digital assets such as Bitcoin, which will be part of Bakkt’s first use case.
According to Kelly Loeffler, CEO of the new startup, “We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.”
The founding imperative for Bakkt will be to make Bitcoin a sound and secure offering for key constituents that now mostly shun it—the world’s big financial institutions.
The goal is to clear the way for major money managers to offer Bitcoin mutual funds, pension funds, and ETFs, as highly regulated, mainstream investments.
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