Owner of NYSE launches Bakkt crypto exchange & custodial solution
Bitcoin could be on the verge of breaking through as a mainstream currency. At least that’s the goal of a startup that is soon to be launched by one of the most powerful players on Wall Street, with backing from some of America’s leading companies including Microsoft and Starbucks (who plan to use the new platform to accept BTC payments.) This morning the Intercontinental Exchange—the trading colossus that owns the New York Stock Exchange and other global marketplaces—announced that it is forming a new company called Bakkt.
The new venture, which is expected to launch in November, will offer a federally regulated market for Bitcoin. With the creation of Bakkt, ICE aims to transform Bitcoin into a trusted global currency with broad usage. The founding imperative for Bakkt will be to make Bitcoin a sound and secure offering for key constituents that now mostly shun it—the world’s big financial institutions. The goal is to clear the way for major money managers to offer Bitcoin mutual funds, pension funds, and ETFs, as highly regulated, mainstream investments.
Data analytics firm reports “business value” of blockchain to reach $2T by 2030
IHS Market, a fintech data analytics firm, in July reported a forecast of blockchain technology leading to a “business activity value” of $2 trillion by 2030. The report includes all value that blockchain adds as an entire vertical (not specific coin market caps). Though the report delved into granular parts of blockchain value, including “…primary research interviews with strategic blockchain specialists,” $2 trillion seems to be a conservative number as the year 2030 is a long way off, also during the 2017 bull run, the market activity came close to reaching $1 trillion.
Additionally, applications for blockchain are growing. This includes the ongoing patent frenzy and partnerships with businesses across nearly all sectors of business. The increasing volume of patents is an indicator of large adoption in enterprise businesses.
According to the report, key sectors driving blockchain business value include:
Banks and financial institutions
Supply chain and logistics suppliers
Advertising and media companies
Government and public-sector institutions
Power and energy companies
Retail and e-commerce
Software specialists and developers
Telecom operators and MNOs
Interesting patents continue to present unique applications for the technology. The vertical may look very different in 2030 after the industry evolves and matures. This would translate into more jobs and job types that we cannot forecast in 2018.
Kraken Daily Market Report for 02.08.2018
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