The owner of the New York Stock Exchange (NYSE) is reportedly considering building a Bitcoin trading platform, The New York Times reported on Monday, May 7, citing “emails and documents” as well as four anonymous sources confirming the rumor. According to the news outlet, the ICE’s crypto platform would “allow large investors to buy and hold bitcoin.”
Judging by the report, Intercontinental Exchange, the parent company of the New York Stock Exchange, is obviously poised to dive into the nascent market of digital coins. It would become the first established equities exchange operator to launch such a venue in the US.
The new platform by ICE would come under the regulation of the US Commodity Futures Trading Commission, enabling it to operate under existing laws, the report says. It is largely due to regulatory hurdles that major financial institutions have avoided investing too much into the industry. However, this may be changing as recent events show.
The news about ICE comes days after NYT reported Goldman Sachs would start offering Bitcoin futures “within weeks.” And in some other recent news, NASDAQ announced it would be “open” to establishing a cryptocurrency trading platform in the future. Also, Nasdaq’s CEO Adena Friedman said the firm could one day launch a crypto exchange.
Details of the platform that ICE is working on have not been worked out yet and the project could still die away. Yet, such news would not have been likely just 10 years ago, which shows the cryptocurrency industry has come a long way.
If ICE is able to follow through on their plans, we could see Bitcoin driven into the mainstream in the not so distant future. But Bitcoin is likely going to be only the first crypto entrant: As the exchange proves its concept, other altcoins could be added and other stock exchanges may follow the ICE’s footsteps – all paving the path for cryptocurrencies to wider adoption.
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