Summary
New startup Bakkt is founded by the owners of ICE and backed by Microsoft, Starbucks and the Boston Consulting Group.
Bakkt is launching this November, and plans to make Bitcoin a mainstream currency and a stable investment vehicle.
Bakkt will provide a regulated exchange for institutional investors, but also plans to replace credit cards and get Bitcoin into people’s 401k plans.
The story
I don’t normally write about the news, because normally I feel that it’s either over hyped (click bait), already covered, or it really doesn’t matter in the long run. This morning I read something that stopped me in my tracks, and I couldn’t let it rest.
The story is quite lengthy, so I want to summarize the main points below and then give you my perspective on what I think it means for Bitcoin (BTC-USD)(COIN)(OTCQX:GBTC) now, and in the future.
- The owner of ICE has teamed up with Starbucks (SBUX), Microsoft (MSFT) and the Boston Consulting Group in an effort to “fix” Bitcoin and make it a “trusted global currency with broad usage.” – Fortune Magazine
- The company they have founded is called Bakkt, and their primary objective is to establish a fast, secure and efficient global marketplace for digital assets. From their website:
Backed by Intercontinental Exchange’s proven financial market infrastructure and technology, Bakkt’s secure global platform will connect investors, merchants and consumers, making it easier, faster and more cost-effective to access, trade and use digital assets. Bakkt’s open-source, neutral platform will be designed to meet applicable regulatory requirements, and to support innovation around digital assets and blockchain applications. – Bakkt.com
- Targeting the largest financial institutions in the world, Bakkt says its goal is to “clear the way for major money managers to offer Bitcoin mutual funds, pension funds, and ETFs, as highly regulated, mainstream investments.” – Fortune Magazine
- If that wasn’t enough, they also plan to take on retail and payments: