Property NYSE wants to launch exchange for cryptocurrencies. Important news for the world of Bitcoin investments.
Intercontinental Exchange, the parent company of New York Stock Exchange, together with the coffee giant Starbucks, Microsoft and BCG, is developing an online platform, nicknamed "Bakkt“, To buy, sell, store and spend cryptocurrency.
In other words, the Georgia-based company, ICE, will start a exchange forward for digital activities, which will include the first regulated and physically delivered bitcoin futures contracts next November. Traditional futures exchanges, including those managed by Cboe Global Markets e CME Group, already offer bitcoin futures, but are liquidated in cash, with the consequence that, in reality, the cryptocurrency never changes hands.
Instead, the new ICE operations, which provide for the transfer of cryptocurrency instead of cash, would provide direct access to digital heritage by placing i Bitcoin in the client's account at the end of the position. This will allow market makers to effectively hedge their exposure through multiple exchanges and, as regards security issues, greater serenity and transparency (there have been several fears that the cash-settled process may be handled too easily).
“Bakkt's development by Intercontinental Exchange and its partners is a milestone for the industry. The project combines some of the most respected companies in technology, retail and finance to create an all-in-one ecosystem for both institutions and consumers. In addition, the platform's focus on removing significant barriers that previously prevented consumers from using digital assets will help make mass adoption of digital assets a reality, "Portfolio Manager Chris Yoo told Time Magnates. Crypto Hedge Fund Black Square Capital.
Pending the review and approval of the U.S. regulators, the news is another example of how a Wall Street giant wants to dive into the virtual currency market. Last week, the Nasdaq for example hosted a meeting in Chicago where around half a dozen cryptocurrencies and mainstream companies discussed "how to encourage the cryptocurrency industry to do something that will improve its image and confirm its potential role in global markets ".
Bakkt will leverage Microsoft cloud solutions and ICE experience to create a federally regulated ecosystem, along with commercial and consumer applications. Its first use cases will focus on trading and exchanging Bitcoins against legal currencies.