The parent company of New York Stock Exchange, ICE is reportedly working on a bitcoin exchange for big investors that will allow them to trade and hold bitcoin. After Goldman Sachs’ bitcoin future trading desk and Nasdaq’s collaboration with Gemini, Wall Street is slowly but surely warming up to the Bitcoin market.
ICE working on a Bitcoin exchange for large investors
Intercontinental Exchange (ICE), the owner of the world’s largest stock exchange by market capitalization, New York Stock Exchange is working on an online trading platform, as reported by the New York Times.
The Wall Street is certainly warming up to the crypto sphere. After Goldman Sachs, this is yet another instance where the big Wall Street players are taking an interest in the nascent crypto market.
The online trading platform that is being developed by the parent company of NYSE would allow the large investors to buy as well as hold Bitcoin. The Times reported that the documents and people notified of the plans.
In March, ICE first entered the cryptocurrency market with a cryptocurrency data feed and is now reportedly all set to officially create a bitcoin exchange. Though there is no confirmation and given the hesitancy among the institutions, it might not work out. However, if ICE follows through on its plan, it would be a great step for the cryptocurrency market as ICE would be the first established traditional exchange operator to launch such a crypto venture in the US.
Furthermore, it would have a huge advantage over the existing crypto exchanges even the largest ones as the market lacks a mature structure as of yet.
Also, read: Lack of Regulations Keeping the Big Institutional Investors from Entering into Crypto Industry
Wall Street warming up to crypto market
Recently, the Wall Street’s investment banking giant Goldman Sachs confirmed that it is opening bitcoin derivatives trading that will allow the customers’ to trade bitcoin as a non-deliverable futures. However, the user won’t be able to directly exchange the cryptocurrencies.
Given the lack of any clarity on the legality of cryptocurrencies, it’s doubtful that the company will be making any valuable contributions to the crypto industry as even the executive team didn’t seem to have any interest in that.
A number of trading firms have moved to crypto trading like Jump Trading and DRW from Chicago. Previously, when the exchange competitors of ICE, CME Group, and Cboe Global markets moved into the crypto sector with bitcoin futures, ICE focused on its data feed product to provide transparency.
With Goldman’s entry and Nasdaq CEO’s bullish sentiment on crypto and a potential launch of crypto exchange in future, the crypto market is surely gaining a lot of attention from the Wall Street.
Do you think big names like ICE and Nasdaq will gradually but eventually move into the crypto market? Share your thoughts with us!
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.
