The Intercontinental Exchange (ICE) is set to bring in an entirely separate cryptocurrency entity, Bakkt, a global virtual market that seemingly bears the potential to elevate the cryptocurrencies to further success. The ICE, of which the New York Stock Exchange is modern-era prodigy, has sights set onto producing an environment that can lure in more investors and offer the most possible security options to safely deal in the virtual assets.
Jeffery C. Sprecher, the Founder, Chairman and CEO of ICE deems his upcoming product as a way to safely manage the crypto-traffic offering the least risk to be exposed to scams and frauds that prevail in the less safer other markets. The ICE official’s remarks in their release;
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.
The recent depreciation in bitcoin has also been linked with the announcement of an ICE crypto-market hovering our heads by non other but Forbes itself stating that the Wall Street is bound to take toll over the cryptocurrencies as it is sure to put out claim issues out of the blue.
ICE has brought Starbucks, BCG and Microsoft to work over Bakkt. The hefty task of providing a serene, risk free atmosphere for the market dealings to take place have been reported to be “leveraged” out of the Microsoft cloud.
They’ll now have a U.S.-regulated exchange and they have a licensed warehouse, which is how commodities are stored and that’s going to make it a lot easier for an ETF to come through.
Brian Kelly, a CNBC analyst states that an ETF is now a step further to be allowed over the virtual market as now the cryptocurrencies would have the environment to be operated scam-free.
Bakkt has been designed so as to remove the stereotypes of crypto-markets in the eyes of the rule-making authorities like the SEC that the future they foresee not happening anytime soon, is actually in the makings. Forbes has jotted down several heavily discussed both sides of the coin for the upcoming market, Bakkt stating that though the Bakkt officials are seeing quite a handsome future for the market there could be some drawbacks to the system to begin with.
The incumbent authorities are among the ones that are destined to be drawn in to the promised exceedingly safe air for the cryptocurrencies to thrive in. A loft amount of investors are predicted to come biting off a piece for themselves too seeing the ICE overseeing the entire system. The market is set to lure in further corporate investors to add onto the list doomed with scarcity including just the Telegram and Eastman Kodak as Forbes puts it as.
Major businesses like Starbucks have started turning a head of positive towards the cryptocurrencies which seems a good omen for the dangling crypto-market as Brain Kelly of CNBC hails it a good news.
This is huge news.
Kelly further states,
They’re talking about getting this into your 401(K). They’re talking about in your…. Fidelity or TD Ameritrade account, you’re going to be able to buy a bitcoin ETF, a bitcoin mutual fund. It expands the universe. My conclusion is the crypto market is completely missing this. Perhaps the market in general is missing this. This is very, very big news
Bakkt officials’ statements continuously keep promising a better means to deal in the cryptocurrencies. Kelly Loeffler, CEO of Bakkt describes,
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. We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.
Sean Collins, Senior Partner, BCG, offers words of praise for the entire blockchain technology deeming it a fruitful outcome of the continuous drudgery in giving a stable form to the globe’s finance. He states,
Blockchain technology holds tremendous potential to enable new business models and trusted ecosystems. By leveraging and developing fundamental market infrastructure, the Bakkt platform will enable firms across industries to accelerate a range of innovation.
The most astonishing feat of Starbucks to join in the already grand amalgam, has lead Maria Smith, Vice President, Partnerships and Payments for Starbucks to declare building Bakkt in order to enable the customers to easily spend the virtual assets enjoying Starbucks elites. She states,
As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks. As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.
Bakkt seeks to garner in more associations spreading the news in quite an explicable fashion, the result of which is foreseen to get on the table the likes of Fortress Investment Group, Eagle Seven, Galaxy Digital, Horizons Ventures, Alan Howard, Pantera Capital, Protocol Ventures, and Susquehanna International Group, LLP.
Though the introduction of the latest 1 up for the crypto-enthusiasts offers endless possibilities to nurture the crypto-concept further, the recent decline in the bitcoin seems abnormal to the guessed trend. The inclusion of Wall Street influence comes at a price of giving out a piece of cryptocurrency control over to the Wall Street. The financial claim by the Wall Street is the demented side of Bakkt, likely to be on the verge as they seek to be indulged in the very task even higher than there are bitcoins for them to claim. This has started to ignite a fire of concern among crypto-analysts as signs have started showing up after we see bitcoin devalue on a lesser scale right after the announcement.