Bitcoin
$6,523.35 1.32%
BTC · 2w

This is huge... Best BTC news in 2018 so far!

m that helps digital assets evolve into a mainstream financial asset class.

“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,” said Jeffrey C. Sprecher, founder, chairman, and CEO of Intercontinental Exchange.

Taking Bitcoin Mainstream Source: Shutterstock

Indeed, Sprecher and Loeffler lay out their ambitious plans for Bakkt in an interview with Fortune, revealing that the platform will feature its own “omnibus ledger” that operates on top of the Bitcoin blockchain, similar to the Lightning Network (LN).

They said that they envision that, with ICE’s help, bitcoin can become a bona fide currency that could become the asset of choice for international payments.

Once a firm’s assets are custodied with ICE, they will be able to conduct frictionless transactions with other institutions and businesses that are connected to the Bakkt ledger.

”Bitcoin would greatly simplify the movement of global money,” Sprecher told the publication. “It has the potential to become the first worldwide currency.”

Toward that end, Bakkt is exploring how to increase bitcoin’s utility as a payment instrument. The announcement states that Starbucks will take an active role in providing consumers with the ability to seamlessly convert their holdings into USD so that they can use them to pay for items at Starbucks locations.

“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,” said Maria Smith, Vice President, Partnerships and Payments for 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.”

But while ICE believes it can be the one to take bitcoin mainstream, it also says that that reality likely will not resemble the crypto-anarchist vision harbored by many early cryptocurrency adopters.

“Bitcoin can’t survive as a rogue idea,” Sprecher said in the Fortune profile. “To evolve, the cryptocurrencies need to run on 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.”

The bitcoin price saw moderate bump in the hours following the announcement, rising as high as $7,503 on Bitfinex after dipping as far as $7,282 earlier in the day.

Developing…CCN will continue to update this story, so check back for more information.

Images from Shutterstock

CCN.com: Get Updates Unsubscribe from updates ...
Continue on ccn.com
Recent news
BTC · patreon.zendesk.com · 3h

Please Help Patreon out.

We do not offer the ability to pay with or accept payment with bitcoin on Patreon. While cryptocurrency shows itself to be an exciting...
BTC · blog.kamarilabs.com · 7h

Shopify now accepts Bitcoin payments via BitPay.

If you haven’t heard Bitcoin is a new digital and decentralized currency which is taking the internet by storm. The cryptocurrency is used to pay for everything from airline tickets to exotic cars and...
13