Bakkt is a platform for digital asset trading and payment services owned by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. Bakkt was announced on August 3, 2018 with an aim to provide institutional-grade infrastructure for traders, consumers and merchants to transact in both digital assets and traditional fiat currencies. The platform has launched various products including futures contracts on Bitcoin, physically settled cash-settled options on Bitcoin Futures Contracts, physical delivery of Bitcoin through its “warehouse” solution as well as merchant solutions that enable customers to make payments using cryptocurrencies.
The core underlying technology powering Bakkt is based upon distributed ledger technology (DLT). This includes both public blockchain networks such as Ethereum and Hyperledger Fabric as well as private blockchains such as R3 Corda or Quorum from JPMorgan Chase & Co. All transactions are securely stored in a distributed ledger which can verify ownership data without relying on third parties or intermediaries.
In addition to offering products related to cryptocurrency trading, Bakkt also provides custodial solutions for institutional investors who want access to these markets without taking direct custody of their investments themselves. These solutions include insurance coverage from leading underwriters, secure storage facilities located at ICE Data Services locations around the world and segregated accounts managed by experienced financial institutions like Bank Of New York Mellon Corporation (BNY Mellon) or State Street Corporation.
Bakkt also offers market making services through its Prime Brokerage division which enables clients access liquidity across major exchanges worldwide while providing risk management tools tailored specifically for digital assets that meet regulatory requirements in different jurisdictions globally. In November 2019 Bakkts first crypto debit card was launched allowing users to spend their crypto holdings directly at online retailers via MasterCard network payment terminals at millions of point-of-sale locations around the world .
Finally, Bakkt has partnered with Microsoft Azure Cloud Platform – one of the largest cloud computing platforms available – enabling it to scale quickly while ensuring high levels of security and privacy compliance standards are met within each jurisdiction they operate in globally .
