ICE has announced when they will launch their new digital asset platform in their newly formed company: Baakt, on December 12. Though for now it is limited to trading bitcoin futures.
The entire cryptocurrency and digital asset community has been looking at these developments for some time now, which very well may be the biggest step by institutional investors to bitcoin and digital asset adoption.
The hype surrounding Baakt is tangible and real: Baakt is launching a digital aset platform
bakkt backed by Intercontinental Exchange Inc (ICE.N), the exchange and clearinghouse operator of 12 regulated exchanges and marketplaces, including the NYSE, or the New York Stock Exchange. Bakkt is considered by many (including its well-heeled investors: Fortress Investment Group, Eagle Seven, Galaxy Digital, Horizons Ventures, Alan Howard, Pantera Capital, Protocol Ventures, and Susquehanna International Group, LLP) as the flagship institutional organization pressing into the digital asset space, according to reports.
For now, it plans to launch a one-day physically delivered bitcoin futures contract and warehousing through its U.S.-based futures exchange and clearinghouse, subject to approval by the U.S. Commodity Futures Trading Commission.
The firm has been big partners to bitcoin and digital asset adoption, as Reuters reports that ICE hopes Bakkt can help change that by working with merchants to create consumer applications.
One such initiative is getting Starbucks to adopt bitcoin in processing payments through its application. Starbucks has the largest mobile payments app ecosystem in the United States.
“As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into U.S. dollars for use at Starbucks,” Maria Smith, vice president, partnerships and payments for Starbucks, said in a statement.