Intercontinental Exchange, Microsoft, Starbucks and other large companies are partnering to launch a new platform called Bakkt which will allow consumers and institutions to buy, sell, store and spend cryptocurrencies, by November.
Notably, the Intercontinental Exchange Inc., who owns many large futures markets as well as the New York Stock Exchange (NYSE), aims to “create an open and regulated, global ecosystem for digital assets” through this venture.
The chief executive officer of Bakkt, Kelly Loeffler, describes the platform as being “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.”
Starbucks and Microsoft joined the effort in an attempt to help customers and institutions alike navigate their way into the crypto-economy. “It’s very big news for bitcoin because people say where can you spend it? Now at every single Starbucks,” said Brian Kelly, founder and CEO of BKCM.