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Bitcoin is Getting Bakkt | ICE Forms Company to Bring Bitcoin Mainstream

Announced this morning is some pretty major news that Bitcoin bulls have been waiting for: Intercontinental Exchange (ICE)—the trading giant that owns the New York Stock Exchange—has a goal of breaking Bitcoin into mainstream currency and it plans to do this by forming a new company called Bakkt. 

Bakkt is soon to be launched by Wall Street’s major player, but it also joins forces with some of America’s biggest companies, including Microsoft and Starbucks. 

What’s Going On?

This morning ICE announced that its new company is expected to launch in November. Bakkt aims to offer a federally regulated market for Bitcoin, transforming Bitcoin into a trusted global currency with broad usage. 

Yowza.

As mentioned, ICE is not acting alone. The new venture also involves heavyweights in the form of Microsoft (technology), Starbucks (retail), and Boston Consulting Group (consulting).

Responding to the news, Maria Smith—Vice President of Partnerships, and Payments for Starbucks—said the following about the coffee-chains involvement:

“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.”

>> Crypto Daily News: Coinbase Adds British Pound and John McAfee’s “Unhackable Wallet” Gets Hacked

Bakkt has a Job to Do

The main goal of Bakkt is to make Bitcoin a secure offering for the biggest global financial institutions that now mostly shun it. It wants to create a path for these major money managers to offer Bitcoin mutual funds, pension funds, and ETFs as highly regulated, mainstream investments.

ICE’s head of digital assets, Kelly Loeffler, will now serve as CEO of Bakkt. She had this to say regarding the company:

“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.”

Currently, Bakkt is in preparation for launch in November. More announcements are to be expected in the coming weeks, so stay tuned!

Featured Image: Deposit Photos/iterum

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Winklevoss Twins Hire NYSE Executive

Winklevoss twins hire NYSE executive: The Winklevoss twins have turned to an executive from the New York Stock Exchange, hiring Mr. Robert Cornish to oversee Gemini’s use of Smarts. 

Gemini, the Winklevoss’ crypto exchange, has been in action since 2015, and adding Cornish to its team marks another instance of how crypto exchanges are looking to work with traditional financial markets.

Before, it was Coinbase hiring NYSE executives, but now, based on the July 6th announcement, it appears to be the Winklevoss’ turn. 

Winklevoss Twins Hire NYSE Executive 

Today, Gemini announced that Robert Cornish would be joining its team. Cornish, the now-former New York Stock Exchange CTO, will join Gemini management later in July; he had his last day on the job last week. 

Cornish will be in charge of overseeing Smarts, which is a market surveillance technology Gemini is using from Nasdaq. It’s likely Cornish will do this with ease, as he spent most of his time at the New York Stock Exchange overseeing Pillar, an ambitious project. 

Moreover, Cornish will “ensure that Gemini continues to deliver the best platform experience to our customers,” said Tyler Winklevoss.

Elaborating further, Tyler Winklevoss said Cornish will make sure Gemini continues to “set the standards of excellence for the cryptocurrency industry.” 

Crypto Exchanges on the Prowl 

The Winklevoss twins aren’t the only ones to dip into the financial pool. In fact, they are just the latest.

Three days ago, Coinbase – which is Gemini’s rival – hired Peter Elkins from the NYSE to build a market surveillance platform. He’s not the only former NYSE employee working at Coinbase, either. In March, Coinbase hired Emilie Choi and Eric Scro. 

What Else?

Aside from hiring the NYSE executive, what else have the Winklevoss twins been up to? Has Gemini made any more recent announcements?

Definitely! The company has been attending a few conferences, such as the Crypto Evolved conference in June. In addition, Gemini opened Zcash (ZEC) trading on May 22nd. 

The Takeaway

Do you think hiring Cornish was a smart move? Will he accomplish all Tyler Winklevoss hopes for? Or, is it simply a move to get back at rival Coinbase, for hogging all the New York Stock Exchange executives? 

Let us know in the comments below!

>> Stellar (XLM), Cardano (ADA), and Tron (TRX): BIG News

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