Blockchain’s Catch-22: NYSE Enters The Value Coeval
It seems that Federal US Exchanges are getting in on the Blockchain phenomenon:
Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges, clearing houses, data and listings services, announced today that it plans to form a new company, Bakkt … to include federally regulated markets and warehousing along with merchant and consumer applications. Its first use cases will be for trading and conversion of Bitcoin versus fiat currencies, as Bitcoin is today the most liquid digital currency. The effort is designed to address evolving needs in the estimated $270 billion digital asset marketplace. Applications for digital currencies continue to develop alongside regulatory frameworks and rising investment in blockchain technology which, halfway through 2018, has already exceeded all of 2017, according to KPMG. By leveraging trusted market infrastructure, Bakkt is being engineered to help the digital asset markets evolve securely and efficiently while supporting transaction flows. 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, consistent with our track record of bringing transparency and trust to previously unregulated markets,” said Jeffrey C. Sprecher, Founder, Chairman and CEO of Intercontinental Exchange.
To be clear, this is a huge story; the parent of NYSE is opening up a crypto exchange. This is sure to accelerate adoption and bring lots more investors onto the value coeval. That can only be good news for proof-of-value, the nascent synthetic protocol governing digital notes. The problem (for NYSE) is, what happens to them when POV then disrupts the regulated framework?