The largest stock exchange in the world, the New York Stock Exchange (NYSE) has recently announced that it will list physically-settled Bitcoin futures and form a new company whose mission will be to make Bitcoin a mainstream financial asset.
The breaking news wes reported on Friday by Intercontinental Exchange (ICE), which is the owner of the NYSE. ICE announced the new platform – dubbed Bakkt – and described its development which counted many partnerships with names such as Microsoft, Starbucks and BCG.
Bakkt will be integrated with the ICE’s US futures market and will list Bitcoin futures which are physically settled and formed as a one-day product. The futures will come with physical warehousing managed in-house by ICE. The launch is scheduled for November 2018 but is still pending a regulatory approval.
As one of the biggest names in finance, ICE will serve as a custodian for all assets stored on the Bakkt platform This will trigger many institutional investors as well as drive the growth of pensions, endowments and insurance companies in a new asset class.
As the CEO of the newly prepared platform Bakkt, Kelly Loeffler recently stated:
“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.”
Bakkt is also supported by investors such as the Microsoft subsidiary M12, Fortress, Susquehanna, Pantera Capital and Galaxy Digital. As such, it is intended to be a full-fledged platform that will help digital assets evolve in a mainstream financial asset class.
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