The Intercontinental Exchange (ICE) CEO Jeff Sprecher expected that the company’s much-anticipated crypto asset platform Bakkt will introduce later this year. The CEO made his comment on an earnings call about ICE’s Q4 financial results.
Sprecher said that the company spent more than USD1 billion on strategic initiatives including the launch of crypto asset platform Bakkt. ICE runs 23 leading global exchanges, along with the New York Stock Exchange. Scott Hill, the company’s CFO further explained on the company’s expectations for how much expenses Bakkt is set to bring, based on its current financial performance. In August last year, ICE first declared their plans to develop Bakkt that its website defines the platform as an open, seamless global network which allows customers to trade, store and invest digital assets easily, reliably and effectively. The company was set to release its crypto asset platform in early 2019, but the date was postponed due to the ongoing discussions with the United States Commodity Futures and Trading Commission.
Recently, the company has garnered a lot of buzz for announcing collaborations with Microsoft and Starbucks. Late last year, ICE announced Bakkt would be developed on Microsoft’s Azure Cloud technology, and work with Starbucks in order to build a service that will exchange Cryptocurrency to U.S. dollars so crypto can be utilized to make purchases in Starbucks locations. However, last week, Intercontinental Exchange announced that it has finalized its first acquisition of assets in futures commission merchant Rosenthal Collins Group that was first announced in mid-January.