The world’s largest stock exchange is on its way to trading Bitcoin. As reported by the New York Times (NYT) the Intercontinental Exchange (ICE), NYSE’S parent, is reportedly considering introducing Bitcoin trading services.
This comes after a Wall Street financial giant, Goldman Sachs, went public with its cryptocurrency trading desk.
According to the NYT,
“ICE has had conversations with other financial institutions about setting up a new operation through which banks can buy a contract, known as a swap, that will end with the customer owning Bitcoin the next day — with the backing and security of the exchange”
With the swap contract, Bitcoin trading will be performed under the close watch of the CFTC plus it will adhere to existing regulations. If the plan by ICE comes to maturity, the stock exchange will offer services to financial institutions and ‘influential investors’ in the cryptocurrency field.
Sources familiar with the unfolding story noted that,
“Several big corporate names, including the giant technology investor SoftBank, which has stakes in Sprint and Uber, have been in discussions about being involved with the exchange in some way”
In the recent past, NASDAQ also indicated it was looking into becoming a cryptocurrency exchange with time.
The recent change of heart by banks and financial institutions is a good sign in the crypto world. Although they have been actively considering using the same technology used by the virtual currencies, the blockchain, they have been hesitant on adopting digital money.
As the world’s largest stock exchange is on its way to trading Bitcoin, do you think financial institutions are fearing being left out during an imminent virtual currency revolution?
Let us know your thoughts in the comments section below.