The largest stock exchange in the world, the Intercontinental Exchange (ICE), announced the opening of the trading of physically settled futures on bitcoin. In parallel, the exchange will create a separate subsidiary to promote bitcoin as a mass means of payment.
Futures contracts will be placed on a separate platform — Bakkt, — developed by ICE with the participation of Microsoft, Starbucks, BCG and other corporations. The platform will be integrated with the futures market and clearing house of the exchange.
Financial product ICE, pending approval of the authorities and presumably ready to launch in November, is a one-day futures. The contracts will be physically stored within the exchange.
Since ICE will act as Depository, the institutional investors (pension and welfare funds, insurance companies and others) are likely to feel more secure by investing in digital assets.
Kelly Leffler (Kelly Loeffler) CEO Bakkt, said:
“Bakkt was conceived as a scalable Elevator for institutional, commercial and private investors in digital assets for increased efficiency, protection and practicality. We work with leading corporations to create an open platform that is able to reveal the revolutionary potential of digital assets at the level of global markets and trade.”
In the initial stages Bakkt will work as a platform, facilitating mass deployment of digital assets as a complete financial funds.
“Combining legal, communication infrastructure solutions in the areas of institutional and consumer applications, we hope to strengthen the credibility of the asset class on a global level in line with our previous achievements to ensure transparency and credibility in previously regulated markets,” said founder and CEO of ICE, Jeffrey Sprecher (Jeffrey C. Sprecher).
Leffler and Sprecher are confident that, with Intercontinental Exchange bitcoin can become a full, legal tender currency that will potentially become a means of international payments “default”. Any firm that has transferred the funds to the custody of ICE, will be able to participate in the exchange of value with other members of the network Bakkt.
“Bitcoin will greatly simplify the global money turnover. He has all chances to become the first global currency”, — said Sprecher.
To date, priority Bakkt is the extension of the practical use of BTC as a means of payment. One of the partners ICE, Starbucks, and takes part in projects, giving coffee its network for test methods seamless convert cryptocurrencies into US dollars to pay for the orders.
“As one of the leading companies in the field of retail trade, Starbucks took on a key role in finding and applying practical, trustworthy, and legitimate solutions, so consumers can take their digital savings in USD for purchases at Starbucks,” — commented on the cooperation with ICE Maria Smith (Maria Smith), the Vice-President, partnerships and payments for Starbucks. “Starbucks is committed to innovate, extending the range of payment options for the convenience of our customers.”
Among the giants of the catering, in addition to Starbucks, blockchain technology for payment solutions uses the Thai branch of McDonalds. According to the CEO of McThai, the translation of online payments on commercial network Omise led to a significant increase in traffic to the website and application of restaurant chain.
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