This week the Intercontinental Exchange (ICE), NYSE’s parent company, announced its plans to launch a regulated BTC exchange called Bakkt.
In an interview with Yahoo yesterday following the announcement, New York Stock Exchange (NYSE) senior partner Alan Valdes expressed uncertain feelings regarding the new system.
“How do you protect your Bitcoin? These wallets seems very iffy at best.”, said the trader.
He went on to explain his concerns regarding wallet hacks and believes Bitcoin has a long way to go before average investors get involved. While he admits ‘anything is possible’ he has doubts that Bitcoin will reach the incredible highs of last December.
While his concerns may be relevant, looking at the price of Bitcoin over a long timescale shows the asset has always managed to recover from dips and continues to grow exponentially over the long term.
The new Bakkt system is planned to be a Microsoft cloud-based global ecosystem for the $270 billion cryptocurrency market and will be inclusive of markets that are federally regulated.
According to yesterday’s press release, besides its main use as a Bitcoin trading platform, the system will also support merchant and consumer applications. ICE hope to see it help the digital asset market evolve securely and efficiently.
“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”, said Intercontinental Exchange CEO Jeffrey Sprecher.
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