NYSE parent launches digital currency exchange

 

Bitcoin is coming to the Big Board — sort of.

The parent company of the New York Stock Exchange is pushing for digital currencies to reach the investing mainstream through a new marketplace backed by some of Wall Street’s biggest investors.

The InterContinental Exchange said Friday it had formed Bakkt, a new exchange-like company for investors to trade bitcoin and other digital assets.

The company, led by Kelly Loeffler, the wife of ICE Chief Executive Jeff Sprecher, plans to start trading bitcoin futures in November via its app, it said.

Bakkt has partnered with Starbucks, which hopes the seamless bitcoin app will easily convert the digital asset to dollars — that can be used to buy its products.

Like leaders of other cryptocurrency firms, Loeffler has a lofty goal for Bakkt — nothing less than replacing credit cards with her bitcoin app.

Bakkt’s investors are “expected” to include Microsoft’s venture capital arm, Fortress Investment Group, and Michael Novogratz’s Galaxy Digital.

Author Kevin Dugan

David https://markethive.com/david-ogden