coincentral-main-menu-search-eyeglass
Hamburger X.

NYSE Parent Company Plans on Bringing Bitcoin to Wall Street: NYT Report

wallst

In an apparent about-face, Wall Street firms are now warming up to Bitcoin. After months of scrutiny and denouncement from prominent figures in finance, such as Jamie Dimon and Warren Buffet, Bitcoin seems to have achieved a level of relevance with some institutional players.

Yesterday, The New York Times published a report that the New York Stock Exchange’s parent company, the Intercontinental Exchange (ICE), is planning a Bitcoin exchange of its own. The platform would enable big investors to buy, hold, and sell the digital currency with swap contracts. If the plans were to come to fruition, the initiative could represent a massive shift in Wall Street’s perception of Bitcoin, as this will be the first direct trading operation launched by a traditional financial market.

The news comes a mere five days after Goldman Sachs, one of Wall Street’s banking behemoths, revealed plans for opening Bitcoin derivatives to its clients.

Dimon vs Blankfein: The Ultimate Showdown (Courtesy of TheStreet, Georgi Kantchev)

Dimon vs Blankfein: The Ultimate Showdown (Courtesy of TheStreet, Georgi Kantchev)

However, Goldman Sachs and ICE are not the only Wall Street establishments throwing their hats into Bitcoin’s ring. Back in December, the CME Group launched Bitcoin futures contracts, establishing the the cryptocurrency’s first financial derivatives. Nasdaq, the second largest securities exchange in the world (behind the NYSE), recently announced its intent to implement a cryptocurrency exchange if the regulatory issues around the asset class get resolved.

Whether this newfound acceptance is beneficial for the currency is up for serious debate. People in favor of mass adoption believe widespread recognition will help people gain access to a decentralized economy unaffected by the whims of centralized governments. Detractors, on the other hand, think this adoption will further centralize the currency, directly contradicting Bitcoin’s decentralized ethos.

Either way, ICE’s move to potentially facilitate Bitcoin trading could increase adoption, break down barriers to entry for larger investors, and maybe even nudge the price up a bit–which means good things for your digital and physical wallets.

NEWSLETTER

Newsletter (Sidebar)

  • This field is for validation purposes and should be left unchanged.

RELATED ARTICLES

BTC casino

How Online Bitcoin Casinos Are Raising the Bar in Developing Software Algorithms

Online gambling has long been an industry with a number of challenges and opportunities for both casino…

Read More
Bitcoin taxes

Understanding Cryptocurrency Taxes: How to Calculate Your Bitcoin Taxes 101

You made big money trading Bitcoin but you don't know how to calculate your...

Read More
celsius network review

What is Celsius Network | Cryptocurrency Interest Accounts and Lending Review

Wondering if Celsius Network is a legitimate way to earn passive income on your...

Read More

NEXT ARTICLE

Getting Started Gold Bars.

NEXT ARTICLE

What is Tether? Is the USDT Stablecoin Legit?

Tether is a cryptocurrency pegged to traditional fiat currencies and backed 1:1 by reserves of these traditional currencies held in accounts by Tether.

ABOUT THE AUTHOR

Getting Started Gold Bars.

ABOUT THE AUTHOR

Richard is a blockchain investor who loves health/wellness, backpacking, social entrepreneurship, and DC sports.

He is the in-house skeptic of many altcoins but is very bullish on blockchain and Bitcoin.