Crypto mass adoption gets closer with Bakkt
Crypto mass adoption gets closer with new startup Bakkt.
Supported by Microsoft, Starbucks, the Intercontinental Exchange is funding their own startup to enable more people to utilize cryptocurrency. Bakkt “will enable consumers and institutions to buy, sell, store and spend digital assets on a seamless global network.”
“By combining regulated infrastructure with institutional and consumer applications, we’ll apply our track record of bringing transparency and trust to previously unregulated markets. In this way, we intend to play a key role in boosting institutional, merchant and consumer participation in digital assets.”
Who is the Intercontinental Exchange?
The Intercontinental Exchange is one of the most important financial institutions in the world. They own the New York Stock Exchange, the world’s largest stock exchange by market capitalization. In totally, ICE owns 12 exchanges and marketplaces.
ICE’s move to invest in the infrastructure of crypto serves as a clear indicator of institutional interest in crypto. In a recent Fortune article it is highlighted that millennials have been the main driver of institutions taking notice of crypto. Institutions see crypto as a way to appeal to the next generation of investors.
Crypto mass adoption starts with institutions.
According to Bakkt CEO, Kelly Loeffler, she believes the crypto markets are similar to the early days of energy markets.
“We’re about to see a revolution on the same scale in cryptocurrencies.”
If anyone can predict the future of an asset, Loeffler is a good candidate. She has worked as the ICE’s Chief Marketing Officer for 16 years side by side with ICE founder and chief, Jeff Sprecher. To top that off, Sprecher is Loeffler’s husband and one of the most influential people in the financial world.
As Bakkt moves forward, it was just announced that Adam White will be the Chief Operating Officer. White was an early team member (#5 to be exact) of Coinbase and helped them scale to being an industry leader.
“In 2017, I saw a big shift. The interest in Bitcoin and other currencies started changing from retail to the institutional side. But the level of infrastructure of the existing trading sites often didn’t meet their expectations. That’s why they’re waiting on the sidelines. That’s why I joined Bakkt.”
Next steps for Bakkt.
Things will start kicking into full gear come November. Bakkt is planning to launch a “1-day physically delivered Bitcoin contract along with physical warehousing.” The CFTC still has to review and approve of this plan. That said, the CFTC seems to have a positive view of crypto. Read more HERE.