International Exchange plans to launch digital asset management platform

US company International Exchange has announced plans to create a digital asset management platform to store, spend and trade digital assets


US financial company and global exchange operator International Exchange (ICE) will work alongside companies such as Starbucks and Microsoft to create Bakkt, an international platform from digital assets.

The creation of Bakkt will aim to integrate Microsoft cloud solutions and introduce a network for spending, selling and storing digital assets such as bitcoin. The network seeks to assist in the development of technology to connect existing markets and merchant infrastructure to blockchain technology.

Bakkt CEO Kelly Loeffler said: "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."

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KPMG's biannual report, The Pulse of Fintech 2018, reported an increase in blockchain business spending in 2018.

The new platform will aim to incorporate federally regulated markets and warehousing alongside merchants and consumer applications. The use of its first version is said to address the $270bn digital asset marketplace, to trade and convert bitcoin.

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