This past week, a leading operator of global exchanges, clearing houses, data and listing services announced that it has partnered with a multinational technology company, one of the world's largest and most well-known coffeehouse chains, and a major global management consulting firm to launch a new cryptocurrency platform. The new platform will develop open technology to enable consumers and institutions to more easily buy, sell, store and spend cryptocurrencies. The ecosystem created by the new platform is expected to include federally regulated markets as well as merchant and consumer applications. Subject to U.S. Commodity Futures Trading Commission review and approval, the new platform plans to launch in November with a one-day bitcoin futures contract that will be physically delivered, meaning owners will receive bitcoin, not cash, upon expiration of the contract. The coffeehouse chain, as the flagship retailer, will leverage the platform to give consumers the ability to convert cryptocurrencies into U.S. dollars to pay for coffee and other items at its retail locations.
In related news, a global investment banking, securities and investment management firm recently announced that it is considering offering custody services for crypto funds to provide protection to clients from risk of loss in the case of a cyberattack. Also, cryptocurrency exchange platform Coinbase recently launched a plug-in for a major e-commerce platform that will allow more web merchants to accept cryptocurrency as a form of payment.
In international news, while Thai banks continue to be prohibited from engaging in cryptocurrency activities, on Aug. 1 the Bank of Thailand published a regulatory announcement allowing bank subsidiaries to issue digital tokens, provide crypto brokerage services, run crypto-related businesses and invest in cryptocurrencies, subject to certain rules.
To read more about the topics covered in this week's post, see the following:
- Breaking: World's Biggest Stock Exchange Operator is Launching a Bitcoin Market
- The owner of the New York Stock Exchange is teaming up with Microsoft and Starbucks to build an 'ecosystem' for crypto
- Intercontinental Exchange Announces Bakkt, a Global Platform and Ecosystem for Digital Assets
- Buying Your Starbucks Fix With Bitcoin Is Now Closer to Reality
- ICE Creating New Cryptocurrency Market: A Double-Edged Sword
- Intercontinental Exchange Announces Bakkt, a Global Platform and Ecosystem for Digital Assets
- Coinbase Launches Crypto Plugin for Popular E-Commerce Platform
- Bank of Thailand Allows Banks to Open Subsidiaries for Crypto Dealings
- Goldman Sachs Is Considering a Custody Offering for Crypto Funds
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