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New York Stock Exchange is Launching a Crypto Exchange - Outside View by Prasheel Vartak

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New York Stock Exchange is Launching a Crypto Exchange
May 10, 2018

Crypto news doesn't get bigger than this. Earlier this week, a New York Times (NYT) report revealed that the New York Stock Exchange (NYSE) plans to launch its own bitcoin trading platform.

The report states that Intercontinental Exchange (ICE), the owner of NYSE, has been developing an online bitcoin trading platform for major investors who want access to bitcoin.

NYT goes on to say that:

  • 'Some large financial exchanges, including the Chicago Mercantile Exchange, have already created financial products linked to the price of Bitcoin, known as futures. But the new operation at ICE would provide more direct access to Bitcoin by putting the actual tokens in the customer's account at the end of the trade.'

Chicago Mercantile Exchange (CME) and Chicago board options exchange (CBOE) have been trading bitcoin futures since December, but ultimately the trades were settled in fiat US dollars. However, the NYSE's implementation could mean that there would be actual delivery of bitcoin, and traders would end up holding actual bitcoin, rather than just contracts or futures.

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What's more, as per the NYT reports, ICE has been talks with legacy banks and 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.

The bottom line here is that a swap contract would allow bitcoin trading to come under the regulation of the Commodity Futures Trading Commission and to operate clearly under existing laws - something today's Bitcoin exchanges have struggled to do.

This could be a huge step up, and a significant milestone which could bring in major Wall Street adoption for cryptos. This could do well for further retail and individual adoption for bitcoin and other cryptocurrencies.

Note that ICE's plans come just days after investment banking giant Goldman Sachs announced it will be opening a crypto trading desk within weeks as well as recently hiring a cryptocurrency trader as vice president of their digital asset markets.

Further, the CEO of Nasdaq, Adena Friedman, too recently said her company could create a cryptocurrency exchange if regulatory issues are ironed out.

What as regarded as the Wild West in financial circles, cryptocurrencies are now seeing mainstream institutional adoption. With all these institutions getting into the fray, the cryptosphere could very well on its way to another bull-run.

Whether you want to watch it from the sidelines, or get in on the action, it is imperative that you stay informed about this all new asset class.

That's why enroll yourself before you miss the bus.

Crypto Confidential is a premium monthly newsletter offering insights on what's happening in the world of cryptocurrencies. Members get access to a cryptocurrency tutorial vault that is way worth more than the subscription fees.

Warm regards,
Prasheel Vartak
Prasheel Vartak, CBP (Certified Bitcoin Professional)
Editor, Crypto Confidential

Prasheel Vartak is a Certified Bitcoin Professional (CBP), and works with global Crypto Guru Tama Churchouse to bring to his readers, views, and opinions from the cryptocurrency and blockchain space. Prasheel is the editor of the premium monthly newsletter, Crypto Confidential and has authored a comprehensive learning course on Bitcoin, Blockchain and other cryptocurrencies, viewed from an Indian perspective.

© 2018 Common Sense Living Private Limited

Disclaimer:

There are no recommendations made through this article. This is not an offer to sell or solicitation to buy any crypto currencies. All data/ information contained herein is purely educative and informative Please note that you should make yourself aware that crypto currencies are not regulated in India and any action taken, investment(s) made or decisions taken/or not taken based on the information provided herein is solely at your risk and Common Sense Living Private Limited and/or its affiliate(s), associates, employees or directors will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. This is not directed for access or use by anyone in a country where such use or access is unlawful or which may subject Common Sense or its affiliates to any registration or licensing requirement.

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