Leading exchange operator Intercontinental Exchange has announced plans to launch a new company, Bakkt. Bakkt will work with Microsoft, Starbucks and other major companies to offer a new platform and ecosystem for digital assets, including cryptocurrencies.
"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," said Kelly Loeffler, CEO of Bakkt. "We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce."
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.
The involvement of Starbucks should also point to improved potential for consumer cryptocurrency use, with that mythical BTC-for-coffee trade finally a real possibility.
According to Maria Smith, Vice President, Partnerships and Payments for Starbucks, "Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks...As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers."
This could prove to be big news for the crypto market, and observers on Twitter are expected some serious price action as a result of the announcement.
https://t.co/l7SEnEvHeQ— Michael Novogratz (@novogratz) August 3, 2018
Excited Galaxy is part of this project. In my opinion, this is the most important news in crypto this year. Consumer adoption, Institutional custody, a clearing house, and a new major player in the exchange game. The herd..
HERE WE GO.— Pomp 🌪 (@APompliano) August 3, 2018
ICE, owner of New York Stock Exchange, just announced a global platform to "enable consumers and institutions to seamlessly buy, sell, store and spend digital assets."
This may be the biggest news of 2018.