New York Stock Exchange Is Evolving Cryptocurrency Exchange
According to The New York Times, Intercontinental Exchange, the parent company of the New York Stock Exchange, has been evolving an online platform to buy cryptocurrency.
This approach reported by New York Times on Monday regarding the documents and people familiar with the condition and the mentioned situation, is another illustration of the traditional dive of the Wall Street firm into the new digital coin market.
Founded in Georgia, the Intercontinental Exchange, or ICE, first entered the digital currency market through the cryptocurrency data channel, which was released in March. The New York Times reported, it is noteworthy that Wall Street Bank Goldman Sachs said that it worked on the cryptocurrency trading desk earlier in April. In fact, many trading firms such as Chicago-based HFTs, DRW and Jump Trading have been selling cryptocurrency.
According to The New York Times report, ICE’s potential crypto platform “will allow large investors to buy and hold bitcoins.” According to the same report the exchange operator also studied swaps, another financial instrument that will be linked to bitcoin.
Certainly, the plan can not be crowned with success. The representative of ICE did not immediately respond to Business Insider’s request for comments.
While exchange opponents of ICE – Cboe Global Markets and CME Group entered into the crypto market through bitcoin futures, ICE has aimed on data and added wholeness and transparency to the marketplace which is distinguished for its wild price fluctuations and fraud through its data submission product.
So far, if ICE were to follow through on its reported plan, it would be the first established equities exchange operator to launch such a venue in the US.