NYSE’s Parent Company Reportedly Eyeing Move Toward Bitcoin
On the heels of Goldman Sachs flexing toward an unprecedented Wall Street bitcoin trading operation, Intercontinental Exchange, or ICE — the parent company of the mammoth New York Stock Exchange (NYSE) — is reportedly working on its own bitcoin trading platform.
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The Big Bulls Want In
Per a May 7th report from The New York Times‘ resident cryptocurrency correspondent Nathaniel Popper, ICE “has been working on an online trading platform that would allow large investors to buy and hold Bitcoin.”
That’s per four anonymous sources and “emails and documents” scrutinized by NYT. Considering that ICE facilitated upwards of $78 billion USD in assets in 2017, the forthcoming exchange will mark one of bitcoin’s biggest adoption milestones yet.
Out from the dark, and into the light.
Popper also reported that ICE’s bitcoin interest is not just limited to basic trading, as Intercontinental also has started preliminary discussions on BTC swap contracts:
“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, according to the people familiar with the project.”
If Twitter CEO jack Dorsey’s projection of bitcoin being the single world currency in 10 years is to be right, it’ll require precisely these kinds of adoption and legitimization milestones.
Is Wall Street’s BTC Rat Race Only Just Beginning?
It’s no stretch to say that powerhouses like Goldman Sachs and ICE are watched by everyone on Wall Street.
As such, with Goldman’s new bitcoin activities and ICE’s reported exchange, a crypto-shot across the bow has just been delivered to mainstream investors the world over.
To that end, the copycats are coming. The institutions that were just waiting for bigger wigs to break ground first are coming. What that means for the future of BTC can’t be known for now.
But there’s no debating that this “rat race” is a race toward the mainstream.
What’s your take? Is ICE’s exchange huge news for the cryptocurrency space in general, or are you more blasé? Let us know in the comments below.
Images via CNBC, HousingWire