NYSE Owner is Launching a Bitcoin Platform


NYSE Owner is launching a Bitcoin Platform

For those that don’t know, the New York Stock Exchange (NYSE) is owned and operated by the International Continental Exchange (known as ICE). In a press release earlier today, ICE announced that they were working on a platform that “enables consumers and institutions to buy, sell, store and spend digital assets on a seamless global network.”

This platform is called Bakkt, and it is already working with companies such as Microsoft, Starbucks, and BCG. While Bakkt plan on working with multiple cryptocurrencies, they said that they would be focusing on Bitcoin as phase 1 of their plan.

This move will see ICE not only launch a physically-settled bitcoin futures product but also custody crypto-assets directly and help merchants such as Starbucks, which has already signed onto the platform as a partner, start accepting cryptocurrencies such as bitcoin for everyday payments.

In an interview with Fortune, ICE founder, Chairman, and CEO Jeffrey Sprecher explained that ”Bitcoin would greatly simplify the movement of global money. It has the potential to become the first worldwide currency.” Sprecher believes that the infrastructure provided by Bakkt could eventually propel Bitcoin to be the first worldwide currency.

Sprecher also believes that this move will attract younger investors as well. Sprecher said “Millennials don’t trust traditional financial institutions. To gain their trust, banks, brokerages, and asset managers can use a currency that millennials believe in, like Bitcoin. Using digital currencies brings a lot of sizzle,” he told Fortune.

This is just one case of many, where major companies and influencers have had their views on Bitcoin flip completely. Last December, ICE said that they were not interested in getting involved with Bitcoin. It just goes to show how Bitcoin has a way of changing people’s minds.

Bakkt was created by the parent company of one of the most important stock exchanges in the world, which is no small deal. This is sure to have a ripple effect for Bitcoin, and may trigger more widespread support for the cryptocurrency.