On Friday, 3 August 2018, Intercontinental Exchange (ICE) announced that it plans to form a new company, called Bakkt, which will leverage Microsoft cloud solutions to create an open and regulated global ecosystem for digital assets.
The new company is working with organizations such as Starbucks, Microsoft, and BCG to create an integrated platform for consumers and institutions to buy, sell, store, and spend digital assets on a seamless global network.
Rohit Kulkarni, Manager Director of Private Investment Research at SharesPost is very encouraged by this development.
We view such forays into crypto by large and established global institutions as critical tipping points in adoption of digital currencies globally. Crypto-exchanges such as Binance and Coinbase are already among the largest exchanges of any kind in the world. And they are likely to get bigger by acquiring smaller exchanges. In the next 12 months, we’re going to see some financial institutions get involved in terms of owning these assets. Then we’ll see entities begin to trade crypto not just on the future side but on the actual side. Near term, we believe investors and large corporations are still looking for real world uses beyond cryptocurrencies. Widespread adoption of blockchain will likely come from consumers instead of businesses. But we think the future is bright, especially as large institutions like ICE use the technology, which helps attract more investment and innovation.”
This week, Binance announced the acquisition of Trust Wallet, a decentralized crypto wallet service that features a browser for decentralized applications (dApps). This latest development will offer Binance a more comprehensive service for users fueling their growth even more. However, in an interview with Forbes, Changpeng Zhao [CZ], the CEO of Binance believes the crypto market is big enough to share:
In developed markets, there’s more money to be made but more regulation and it’s saturated with competition,” he said. “We don’t want to compete with Coinbase and Gemini. The strategy there requires lots of lawyers and lobbying.”
The future is certainly very bright!
Related news – Intercontinental Exchange poised to list bitcoin futures
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