Intercontinental Exchange (ICE) has unveiled its planned digital asset ecosystem and platform project, due for launch in November.
According to ICE, the new platform named Bakkt, which will draw on support from non-financial organisations such as Microsoft and Starbucks, is planned to include “federally-regulated markets and warehousing along with merchant and consumer applications”.
Initially, use cases will be for trading and conversion of Bitcoin versus fiat currencies on the Bakkt platform by both institutional and retail clients. The platform will be based on Microsoft’s cloud technology
ICE’s US-based futures exchange and clearing house plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November this year, subject to review and approval by the US Commodity Futures Trading Commission (CFTC).
“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,” said Jeffrey Sprecher, founder, chairman and CEO of ICE.