Intercontinental Exchange (ICE) has announced that it plans to form a new company, Bakkt, in partnership with Microsoft and its cloud services.

The new company is working with a (diverse) group of organisations including BCG, Microsoft and Starbucks. The aim is to create an integrated platform that enables consumers and institutions to buy, sell, store and spend digital assets on a “seamless global network”.

The Bakkt ecosystem is expected to include federally regulated markets and warehousing along with merchant and consumer applications. Its first use cases will be for trading and conversion of Bitcoin versus fiat currencies.

As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearing house plans to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018.

“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 C. Sprecher,founder, chairman and CEO of Intercontinental Exchange.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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