The Atlanta-based firm ‘Intercontinental Exchange’ that owns New York Stock Exchange revealed its plans on Friday to launch a Bitcoin futures product and a digital assets platform. According to the press release, the firm plans to create a new platform called Bakkt that will allow various institutions and customers to store, trade and spend digital currencies worldwide.
The platform called Bakkt will influence Microsoft’s cloud by building a susceptible, controlled international ecosystem for digitized assets.
Remarkably the firm also has an idea for a project where one-day “physical” Bitcoin futures contract will be offered. This implies that Bitcoin will actually be delivered on a precise date which will not be like other offers that are resolved with cash.
ICE also revealed through the official press release that since the company is awaiting the U.S Commodity Futures Trading Commission (CFTC) approval for the project, it is expected that the project will launch later in the month of November.
The company said that it knows that the controlled places will definitely create new protocols for regulating the particular security and settlement necessities of cryptocurrencies.
Further adding it says that big companies like Microsoft, BCG, and Starbucks will provide know-how by providing expertise on customer experience and risk-management on the humongous task. The company Starbucks will also work to flourish pragmatic, persuasive and controlled applications for consumers to convert those digitized assets into US Dollars for its further use.
The founder and chairman of ICE ‘Jeffrey Sprecher’ said during the release that in bringing regulated connected infrastructure together with institutional and customer applications for digitalized assets they are aiming to build spirit in the asset class of international level, consistent with their record of transparency.
The CEO of Bakkt, Kelly Loeffler said that Bakkt is created for the purpose of serving expandable on-ramp for organizational, trader and customer participation in digitalized assets by the way of promoting it with preeminent productivity, surveillance, and adequacy.
The press release from Bakkt also suggests that Microsoft’s VC arm, M12, Horizons Ventures, Galaxy Digital, Pantera Capital and Alan Howard are the firms who are expected to invest in the project or already invested some payments in the project.
The release of Bakkt is very crucial as if the execution of this project is done perfectly this might turn out to be revolutionary in stock exchange World. Its implementation if, permitted by respective governed bodies, will be the most important.