- Intercontinental Exchange’s CEO, Adam White announced the launch of its retail app in 2020.
- The app will tilt towards the traditional financial system style such as PayPal rather than the crypto-agnostic apps like Coinbase, said White.
Adam White, President of Bakkt, announced the launch of their consumer-based application and other developments in the ICE-backed futures exchange during the World Economic Forum in Davos in a panel hosted by The Block.
The company has been working on a digital asset application with the CEO now confirming the launch will be in 2020 with cryptocurrency interoperability. According to White, the app will allow merchants to accept crypto payments, loyalty points, digital equities, and other digital assets. This will represent a shift from the company’s widely known institutional investment focus with retail customers to the target market for the app.
The app will not include custodial wallets or buying and selling of cryptocurrency, as the company took a more legacy financial approach than a crypto-focused approach. More like a PayPal app rather than the conventional Coinbase or Flexa app. The exchange has long been regarded as an institutional crypto gateway but the latest development sets up new market space for the exchange.
However, White said the cryptocurrency market is yet to reach its heights in development but the field “will find something”. He said,
“I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.”
Bakkt seems to be taking a new direction in the market since the newly-appointed CEO, Mike Blandina, took office from a newly appointed senator of the state of Georgia, Kelly Loeffler in late October.
Despite starting off the year on a back foot of CME institutional futures, Bakkt is on hand to test the 6000+ BTC futures all-time high set in December and White believes the growth of the crypto market is a key influencing factor.