The world’s biggest stock exchange New York Stock Exchange (NYSE) is planning to open a cryptocurrency trading platform.
According to CCN, on May 3 Goldman Sachs was entering the Bitcoin market by launching a futures market for investors. Goldman Sachs made a decision of operating a Bitcoin trading desk to support the growing demand from clients and investors.
One week after the plans of Goldman Sachs, some reports have stated that a parent company of NYSE has been developing an online Bitcoin trading platform.
“The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential,” the New York Times reported.
Also, some time ago, the chief executive of Nasdaq said that they are open to trading cryptocurrencies in a regulated environment.
Looks like Goldman Sachs, CME, CBOE and other financial institutions that are planning to integrate Bitcoin or already have done it are developing future markets based on that crypto asset. It should be noted that Goldman Sachs will allow clients to hold contracts that represent the value of Bitcoin, but they will not be able to own the actual cryptocurrency.
On the other hand, NYSE and the parent company is developing a Bitcoin exchange platform where investors will be able to buy, sell the cryptocurrency directly, without any hindrances of futures, derivatives or other contracts. Also, the clients of NYSE will be able to directly buy, sell, and hold Bitcoin in a wallet which should be similar to Coinbase or other crypto platforms.
Bithumb’s offline exchange Coinbase Custody and other major crypto exchanges are already allowing large institutions and retail investors to invest in Bitcoin in large sums. Coinbase Custody only accepts bids larger than $15 million.
In the end, investors won’t gain any advantage to other exchanges by using the NYSE Bitcoin exchange. The launch of the NYSE exchange can be interpreted as a monumental and symbolic event. It shows that even large stock markets can no longer ignore the cryptocurrency market which is rapidly expanding.
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