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Intercontinental Exchange plans to launch physically settled Bitcoin futures

Intercontinental Exchange

New York stock exchange’s parent company ICE (Intercontinental Exchange) announced the plans to launch the digital platform and bitcoin futures product.

Bhakkt – the new platform has been developed in partnership with Microsoft, Starbucks, BCG and a few more. This platform will integrate with ICE’s U.S. futures market and list a physically settled bitcoin futures products. The launch is pending till November, waiting for regulatory approval.

Kelly Loeffler, CEO of Bhakkt quotes “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.” Also continues “We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.”

The press release indicated that M2, Galaxy Digital, Panthera Capital are also among the firms that have either invested or planning to invest in the project.

In addition, Maria Smith, Vice President of Starbucks, Partnership and Payment Strategy stated 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.”

Bitcoin has taken its place in the mainframe of the economy now. This decision will turn the tide in favor of Blockchain and with the huge backing it has, the future looks very bright. We are as intrigued as you are to find out the events that would follow.

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