The Intercontinental Exchange, the operator behind the New York Stock Exchange, has announced that it is creating a new company called Bakkt that will hold and manage people’s cryptocurrency. The platform will be powered by Microsoft cloud tech and plans to begin with trading and converting bitcoin to US dollars and other fiat (government-backed) currencies as “bitcoin is today the most liquid digital currency.”
Bakkt represents a significant marker for cryptocurrency. The NYSE and its operator are trusted financial institutions, while cryptocurrency, though it has seen some successes, has been marred by hoaxes and even reports of price manipulation. These problems have been so rampant that in May, the SEC launched a fake initial coin...
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