Early last week, Bittpress reported that the Intercontinental Exchange (ICE)’s institutional platform, Bakkt, will launch in 2019. Despite the plan to extend its launch date, ICE is not reneging on the contract it has with other parties. Recently, ICE partnered with Software giant Microsoft and coffee chain Starbucks. According to the Daily Hodl, ICE will go ahead with Phase 2 of the proposed project despite its the uncertainty. Therefore, the Second Phase of the project is where the partners will play a pivotal role, according to reports.
About Phase 2 of the Bakkt project
Phase 2 will see the software giant deploy its cold storage solution onto the platform, thus delivering an innovative trading platform. Needless to say, Microsoft is the leader in the Software-as-a-Service (SaaS) industry for delivering top-class cloud storage solutions. Similarly, users will enjoy a topnotch futures trading services via a platform that offers tamperproof security and advanced features.
On Tuesday, ICE released a statement, saying that Phase 2 of the project was still on-track. An insider who spoke on the condition of anonymity told The Block that efforts continue to ensure that the project progresses according to plan.
Role of Starbucks in Phase 2
Considering the role of Starbucks, Phase 2 entails the coffee chain teaming up with Bakkt to enable crypto-fiat conversion on the platform. Basically, this will allow users to pay for Starbucks products via the platform six months from the launch date. But that’s not all.
Maria Smith, the Vice President of partnerships and payments at Starbucks, puts the role of the coffee chain into perspective. Smith states that Starbucks will play a critical role in developing regulated and trusted applications. Explaining further, the Starbucks rep says that the apps will enable users to convert their digital currencies to the U.S. dollar to use on Bakkt.
Did poor market performance influence launch delay?
It is no longer news that the cryptocurrency market is tanking at an alarming rate. As a result, many traders are settling for massive selloffs of their stakes in the market. Many Bakkt enthusiasts worry that this donwtrend might be the cause of the launch delay. However, an inside source told The Block that the current market downturn has nothing to do with rescheduling the Phase 2 launch date.
In truth, this clarification became necessary amid speculations that poor market performance influenced ICE’s decision to extend the launch date. Also, the insider reiterated that market participants complained that the first launch date fell within holiday season.
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