In a piece of highly welcome news, it now seems like one of the biggest financial players in the world, the New York Stock Exchange, is spearheading a move to launch a new cryptocurrency exchange.
NYSE Sees Merit in Cryptocurrency
It was always a matter of time until Bitcoin made its impact on traditional finance. This shift has been taking place for some time now and the momentum has only intensified in the recent past. Now, the New York Stock Exchange’s parent company is looking to enter the cryptocurrency industry by partnering with established names such as Starbucks, Microsoft, and BCG.
The new platform will receive the name ‘Bakkt’. It will allow users to buy, sell, store, and spend cryptocurrencies. The entire platform will be powered by Microsoft’s cloud services, which seems to hint at heavy Azure integration.
In relation to the matter, a statement was released which read:
“As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearing house plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval. These regulated venues will establish new protocols for managing the specific security and settlement requirements of digital currencies. In addition, the clearing house plans to create a separate guarantee fund that will be funded by Bakkt.“
Bakkt’s features will reportedly be rolled-out in different stages. Currently, the primary focus lies on trading and converting assets such as Bitcoin and fiat currencies. However, it is still unclear if this entails just the US dollar or potentially other currencies as well.Â
Final Thoughts
Regulated companies have started paying attention to Bitcoin and other alt-assets recently. After years of opposing this industry, many financial players are finally giving into consumer demand. The masses want more exposure to different cryptocurrencies and with these big-name companies joining forces, a lot more legitimacy can be brought to this industry as a whole.
Image courtesy of Shutterstock.com
None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.
