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August 6, 2018

Intercontinental Exchange to introduce new crypto payments platform

Stock exchange operator, Intercontinental Exchange is set to form a new company called Bakkt. It will serve as a clearing platform for digital assets.

The new company will utilise Microsoft cloud solutions and work with several organisations to create the platform.

Bakkt platform

The platform will enable consumers, as well as institutions to purchase, store and sell digital currencies.

Besides merchant and consumer applications, the overall Bakkt ecosystem will encompass federally regulated markets and warehousing.

The new company will leverage open technology to connect existing merchant infrastructure with blockchain.

Initially, it would be used for trading liquid digital currency Bitcoin with fiat currencies.

Intercontinental Exchange chairman and CEO Jeffrey Sprecher said: “In bringing regulated, connected infrastructure together with institutional and consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets.”

Plans are also on to launch physical Bitcoin futures contract and warehousing in November 2018, subject to regulatory approval.

It is expected to form new protocols to manage digital currency security and settlement requirements. Additionally, a separate guarantee fund is set to be created with funding from Bakkt.

Bakkt CEO Kelly Loeffler said: “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.”

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