NYSE Owner Intercontinental Exchange Working On Plans For Launching a Crypto Trading Platform
The global cryptocurrency industry is witnessing an unprecedented amount of interest recently shown by big financial institutions looking to venture into the digital currency market. As the regulatory process is getting streamlined with each passing day, many big players are just looking for the right opportunity, as the conditions get more conducive and waiting for some sort of stability to be introduced in the crypto market.
As per the latest reports from the New York Times, Intercontinental Exchange (ICE) - the parent company of New York Stock Exchange (NYSE), is said to be working on developing a Bitcoin trading platform to "allow large investors to buy and hold bitcoin.”
The publication reports that this information is as per the “emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential.”
The solid framework for the ICE’s crypto trading platform has yet to be worked out as the stock exchange is giant is still worried about Bitcoin’s standing in the traditional finance market. However, the sources familiar with the matter have said that unlike the ICE-competitors CBOE and CME which only allow investors to hold Bitcoin contracts but not the actual currency, ICE is planning to allow its investors to have Bitcoin swap contracts will also let them hold the cryptocurrency when desired.
In the last two-to-three weeks, there have been successive announcements coming from big players who are willing to enter the crypto space. Two weeks, we reported how the U.S stock exchange giant Nasdaq could consider about launching a crypto trading platform.
During an interview with CNBC, Nasdaq CEO Adena Friedman said: "Certainly Nasdaq would consider becoming a crypto exchange over time. If we do look at it and say 'it's time, people are ready for a more regulated market,' for something that provides a fair experience for investors.”
Also, last week itself, Wall Street banking giant Goldman Sachs announced the plans of launching a crypto-trading-desk to let investors and big institutional giants trade Bitcoin futures contracts. The bank is currently working on weighing the associated risks of the crypto world as well seeking regulatory approval for its plans ahead.
Rana Yared – a Goldman executive who is heading this projects said: “I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world. For almost every person involved, there has been personal skepticism brought to the table.”
However, she stated that one of the reasons Goldman wants to launch a trading desk in due to a very high demand from its clients who have expressed huge interest in holding Bitcoin derivate products.
Yard said: “It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value.’”