Ummmm, biggest news of the year so far perhaps? The markets didn’t react positively, which is concerning given that I think this is huge.
The Intercontinental Exchange (ICE), which owns the New York Stock Exchange, announced the formation of a new company–Bakkt–to help launch a federally-related market for cryptocurrencies and gain more acceptance for use in retail business transactions. If this platform proves successful, its technology could make way for the formation of cryptocurrency funds like 401(k) retirement plans.
Important info:
- Bakkt is backed by Microsoft, Starbucks and the Boston Consulting Group.
- It’s meant for institutional investors, launching in November
- Bakkt says its goal is to “clear the way for major money managers to offer Bitcoin mutual funds, pension funds, and ETFs, as highly regulated, mainstream investments.”
- ICE took a minority stack in Coinbase in 2015 to study how digital currencies work
- ICE currently has six warehousing and clearing facilities that are vertically integrated with ICE futures. Using this experience, Bakkt will provide the first regulated exchange that also has clearing and storage as part of the package deal.
https://seekingalpha.com/article/4194905-game-changer-bitcoin?page=1