ICE thinks cryptocurrency is hot.
On Friday, Intercontinental Exchange, the operator of the New York Stock Exchange, said it is moving into crypto trading by forming a new company called Bakkt. The move will help ICE and the companies with which it will work, including Starbucks and Microsoft, tap into the $270 billion digital asset marketplace.
“Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security and utility,” Bakkt CEO Kelly Loeffler said in a press release.
Bakkt plans to launch a one-day, physically delivered bitcoin (BTC) contract along with physical warehousing in November, subject to review and approval by the Commodity Futures Trading Commission.
ICE’s move follows Germany’s Boerse Stuttgart, which said Thursday it’s creating an end-to-end infrastructure for digital assets. After its planned launch of a cryptocurrency trading app in the fall, Boerse Stuttgart will offer a platform for initial coin offerings, a multilateral trading venue for cryptocurrencies as well as a wallet for “safe custody.” Read more here.