New York Stock Exchange Opens A Door For Virtual Currency

In Decenternet, News
New York Stock Exchange

Between this month and towards the end of April, further reports are out today for an interesting announcement provided many surprises to any investor when have seen Goldman Sachs add cryptocurrency trading desk for Bitcoin futures.

Even though it sounded like old news, further communique suggests this could be the start of something far greater.

Owners of the New Your Stock Exchange, Intercontinental Exchange Inc. (or, ICE), were highlighted by Bloomberg could very well be bringing on the table a cryptocurrency trading platform which will allow long-established New York Stock Exchange financiers to begin to trade Bitcoin and, in due time, other cryptocurrencies too.

According to Bloomberg:

“Wall Street firms began offering clients futures from Cboe Global Markets Inc. and CME Group Inc. in December, but the financial industry has broadly shied away from selling Bitcoin itself. One issue is that virtual currencies can be stolen by hackers, a problem that has arisen before at some major crypto venues. That means traditional Wall Street firms looking to facilitate investments have to figure out how to hold such assets securely.”

What are futures?

Futures are an agreement to buy or sell an asset on a specific future date at a specific price. Initially not meant for profit maximization rather a risk management tool, often used in financial markets to fence against the chance taken of changing prices of assets that are bought and sold on a regular basis.

Just several weeks ago, Nasdaq’s chief executive, the world’s second-largest stock exchange, with $9 trillion market cap after the NYSE, disclosed that the exchange would be open to trading cryptocurrencies in a managed environment.

The launch of the NYSE Bitcoin Exchange is impressive and reminiscent, as it demonstrates that even that largest stock market in the world which settles trillions of dollars on a regular basis can no longer ignore the cryptocurrency market, which is growing at an exponential rate.

Cryptocurrencies and blockchain technology are an irrevocable advancement that is shaping our established industries and the ways the world interacts financially.

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