Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), will create its crypto asset platform.
The new platform, called Bakkt, will be developed in partnership with giant companies including Microsoft, the Boston Consulting Group (BCG) and Starbucks.
The mission is to make bitcoin a mainstream financial asset and create an open and regulated, global ecosystem for digital assets.
Jeffrey C. Sprecher, CEO of Intercontinental Exchange, commented:
“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 platform will be Microsoft Cloud-based, and Starbucks will allow their customers to convert their crypto assets into US dollars at their coffee shops.
In an interview with Fortune, Sprecher spoke about the need for regulation for the cryptocurrency market:
“Bitcoin can’t survive as a rogue idea. To evolve, the cryptocurrencies need to run on an established infrastructure. They need the trust and rules that have been built into our financial system for many years. They need the kind of trust that the Big Board represents.”