Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is developing a platform that will allow large investors to buy and hold bitcoin. About writes this The New York Times citing e-mails and documents leaked to the editors, as well as four sources who wished to remain anonymous, citing confidentiality.
New York Stock Exchange Operator May Start Bitcoin Trading
Plans to support Bitcoin by the main stock US stock exchange and the world’s largest in terms of turnover became known shortly after the disclosure of information about the upcoming launch of the cryptocurrency trading on the basis of an investment bank Goldman sachs.
What distinguishes the tool being developed by ICE from the existing CBOE and CME bitcoin futures is the ability to directly buy cryptocurrency by investors. Bitcoin futures are settled in fiat. ICE will offer banks contracts, known as swaps, which will allow a client to receive the purchased cryptocurrency the next day using wherein guarantees of the exchange itself, the source explained.
A swap is a more complex scheme for buying cryptocurrency than a direct exchange of dollars for bitcoins, but this step will allow investors in traditional markets to gain access to the most digital asset, and not its fiat equivalent, and the exchange should not violate the requirements Commodity trading commissions futures.
The details of the upcoming launch have not yet been approved, and it may not take place, given the ambiguous attitude towards cryptocurrencies on Wall Street, writes NYT.
“The Intercontinental Exchange initiative, if implemented, could open up access to bitcoin to a much broader and more influential customer base, including other financial firms,” the newspaper notes..
Earlier, Nasdaq CEO Adena Friedman said that she also does not exclude the possibility of launching tools for trading cryptocurrencies on her site..
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