Summary
Intercontinental Exchange (ICE) announced on August 3, 2018, its strategic initiative to form a new company named Bakkt. This venture aims to establish a global platform for digital assets, with an initial focus on Bitcoin. Bakkt plans to integrate regulated markets, secure warehousing, and user-friendly applications for consumers and institutions to transact, store, and spend digital assets. The platform's development is a significant step for ICE into the burgeoning digital asset space, seeking to provide institutional-grade infrastructure and regulatory compliance.
Key Highlights
- 1ICE is launching a new company, Bakkt, to create a global platform for digital assets.
- 2Bakkt will initially focus on Bitcoin, with plans for a 1-day physically delivered Bitcoin futures contract.
- 3The platform will offer regulated markets and physical warehousing for digital assets.
- 4Key partners in this venture include BCG, Microsoft, and Starbucks.
- 5The initiative aims to enable consumers and institutions to buy, sell, store, and spend digital assets seamlessly.
- 6ICE's U.S.-based futures exchange and clearing house will be instrumental in launching the Bitcoin contract, subject to CFTC approval.
- 7A separate guarantee fund, funded by Bakkt, will be established by the clearing house.