ICE Bitcoin venture
Bitcoin Symbol
Intercontinental Exchange, also known as ICE, made a huge announcement this Friday the consequences of which could be felt a lot in the months to come. They have made it clear that their goal is to make Bitcoin a part of the global financial mainstream, and when a company in charge of the New York Stock Exchange makes a claim like that, you’d better listen. So, not only is this relevant for the whole cryptocurrency industry, but the financial world in general may be affected. But that’s just the beginning of it because there are other big names ready to back this project up. Read on and learn more about this ICE Bitcoin venture and see why the world of trading may never be the same again.
Introducing Bakkt
The main piece of news here is that Intercontinental Exchange aims to offer its clients Bitcoin futures products which will be physically settled. To that end, they have developed Bakkt, a completely new trading platform on which all trades will be made. However, Bakkt will not only be used for Bitcoin futures trading – it is a fully developed platform dedicated to boosting digital assets into our everyday lives. So, we expect many other features, too. What is particularly impressive is the fact that this piece of trading software was developed as joint effort of ICE, BCG, Microsoft and Starbucks. Therefore, you can be sure nothing in this project was take lightly. But why is this ICE Bitcoin venture so important? Read on to see what the consequences of this move may be.
What does this ICE Bitcoin venture mean?
The thing about Bakkt is that Intercontinental Exchange will be in charge of all assets which appear there. In other words, ICE will be the custodian bank for the platform which could dramatically change how it is perceived. Having a large and reputable company such as this one guaranteeing the safety of your assets could entice various institutions to invest here and to start seeing Bitcoin as a legitimate investment target. The aim is to make global transactions easier, as Jeffery Sprecher, ICE’s CEO says, and Bitcoin is the perfect currency for that. As a matter of fact, he and his associates think that Bitcoin could take over international payments very quickly and become the “bona fide currency” everyone turns to when executing that kind of transfers. This ICE Bitcoin venture is certainly a huge step towards that.
Conclusion
So, to conclude, ICE, the company in charge of the New York Stock Exchange, has decided to turn its attention to Bitcoin. As you’d expect from such a company, they are not taking things lightly, so they already have a brand-new platform for it and a whole bunch of huge companies backing them up. The goal is to make it perfectly normal to execute international transfers by using this cryptocurrency and to attract institutional investors to investing in it. The expectations are high, but this is such a big company that we have no doubt that they can pull it off. Keep following our website for all the latest information concerning this story!