Bakkt, a U.S.-based digital asset platform created by Intercontinental Exchange (NYSE:ICE) the operator of the New York Stock Exchange (NYSE), is set to begin trading this upcoming December. Bakkt is designed to enable consumers and institutions to seamlessly buy, sell, store and spend digital assets. The platform’s description reads:
In a public statement, ICE said new Bakkt Bitcoin (USD) Daily Futures Contract for will begin trading on Wednesday, December 12, 2018.
The Bakkt Bitcoin Daily Futures Contract is a physically-settled daily futures contract for bitcoin held in Bakkt LLC, ICE’s Digital Asset Warehouse, and will be cleared by ICE Clear US, Inc.
Intercontinental Exchange reported in August that the Bakkt ecosystem is expected to include federally regulated markets and warehousing along with merchant and consumer applications. The platform’s first use cases will be for trading and conversion of Bitcoin versus fiat currencies, as Bitcoin is today the most liquid digital currency. At that time, Kelly Loeffler, CEO of Bakkt, stated:
“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.”
Starbucks was notably announced as a partner of Bakkt. Maria Smith, Vice President, Partnerships and Payments for Starbucks, previously commented:
“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.”
The platform was originally set to begin trading in November. There was no reasoning for the delay of the launch.