Heavyweight Crypto Platform ExposedAugust 12, 2018
From the various revelations over the weekend, the world of crypto has discovered a new initiative which was introduced by the Intercontinental Exchange (ICE), a parent company of the New York Exchange. The purpose of the said initiative is to develop a regulated and open global ecosystem for digital assets.
Based on the press release of ICE, the new firm, dubbed Bakkt, is now collaborating with different brands including Starbucks, BCG, and Microsoft. The partnership is aiming to develop an effective platform for institutions and consumers to sell, buy, spend as well as store digital assets.
Even more important, the latest platform plans to launch a 1-day physically delivered bitcoin futures contracts in this coming November. They want to try something new that has not been done by the active players in the bitcoin market. Meanwhile, the formed bitcoin futures contracts which are traded at the Chicago Board Options Exchange (CBOE) and Chicago Mercantile Exchange (CBOE) are already settled in cash upon expiry instead of the physical bitcoins.
According to Bakkt CEO Kelly Loeffler, the Bakkt is specifically designed to serve as an accessible on-ramp for the merchant, institutional and consumer cooperation in digital assets. It will be done through the promotion of more improved security, efficiency, and utility.
Moreover, the company is now preparing for the launch, and other operational details will be launched in the coming weeks. In relation, the previous Wall Street banker Mike Novogratz who is now a crypto entrepreneur has called the announcement as “the most significant news crypto this 2018.
Vice President, Partnerships and Payments for Starbucks, Maria Smith stated that being the flagship retailer, the Starbucks has a crucial role to develop trusted practical and regulated applications for clients. With this, the consumers can have the chance to convert their digital assets to US dollars that the can use in Starbucks.
The Starbucks spokesperson later explained that coffee lovers would not pay for Frappuccinos using bitcoin. Besides, the company has been partnering with other big and most recognized brands to form a platform that will convert the digital assets including bitcoin into the US dollars. It can be used at Starbucks.
In the process, the company also concluded that they would continue to discuss it with the regulators and customers. Last February, the Executive Chairman of Starbucks Howard Schultz had rejected that idea of bitcoin integration, but he emphasized that the company can be one of the first companies to establish propriety digital currency which is integrated into the latest Starbucks app.