Aug 4, 2018 - Economy & Business

New York Stock Exchange operator gets into cryptocurrency

Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

Intercontinental Exchange, which owns the New York Stock Exchange, is opening a new cryptocurrency management company, according to the Verge.

Why it matters: The new company, Bakkt, could lend some legitimacy to cryptocurrency, which has "been marred by hoaxes and even reports of price manipulation," per the Verge. The Swiss investment bank UBS published a report concluding that the price of a single coin would need to sit around $213,000 for Bitcoin to be viable as a money supply; it currently sits at $7,000.

The details: The company will "hold and manage people's cryptocurrency," and be operated by Microsoft cloud tech, per the Verge.

What's next: Bakkt plans to "begin offering services in November," and will be announcing more details in the coming weeks.

Go deeper: Cryptocurrency markets grapple with insider trading.

Go deeper

Sam Baker

52 mins ago - Politics & Policy

John Roberts' long game

Illustration: Sarah Grillo/Axios

Supreme Court Chief Justice John Roberts is not the revolutionary that conservative activists want him to be.

He moves slower than they want, sides with liberals more than they want, and trims his sails in ways they find maddening. But he is still deeply and unmistakably conservative, pulling the law to the right — at his own pace and in his own image.

Go deeper (3 min. read)

Caitlin Owens

52 mins ago - Health

The U.S.' new default coronavirus strategy: herd immunity

Illustration: Aïda Amer/Axios

By letting the coronavirus surge through the population with only minimal social distancing measures in place, the U.S. has accidentally become the world’s largest experiment in herd immunity.

Why it matters: Letting the virus spread while minimizing human loss is doable, in theory. But it requires very strict protections for vulnerable people, almost none of which the U.S. has established.

Go deeper (2 min. read)

Joann Muller

1 hour ago - Economy & Business

Airline recovery falters before it even gets off the ground

Illustration: Eniola Odetunde/Axios

Any hope for a rebound in air travel this year has vanished, with coronavirus cases surging in much of the U.S. and some states imposing quarantines to keep visitors away.

Why it matters: The airline industry is already suffering the worst crisis in its history. The soaring infection rates mean planes will be grounded even longer, putting tens of thousands of people out of work in the coming months.