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New York Stock Exchange is working on launching trade in Bitcoins


As it became known from four sources who wished to remain anonymous, the managing company of the New York Stock Exchange (NYSE), Intercontinental Exchange (ICE), is working to create a platform for online trading that will allow large investors to buy and sell Bitcoins. Recently, Goldman Sachs Bank announced its intention to launch trading futures for Bitcoins first, and later allow its customers to trade Bitcoins.

Similar intentions of such large players as ICE and Goldman Sachs, speak of a sharp change in the mood of the once main opponents of Bitcoin and cryptocurrencies among the major players of the traditional financial market. Such an atypical interest in Whale Street whales will undoubtedly have a positive effect on the cost of Bitcoin in the near future.

There is still no detailed information on the ICE project, and there is a high probability that the project may not be operational, since Wall Street companies still show a high level of indecision, despite the obvious growth of the cryptocurrency market. The company refused to comment.

However, something about the project is still known. According to information from people familiar with the project, ICE held a series of negotiations with other financial institutions on the creation of a new operation through which banks can buy a contract for Bitcoins, known as swaps.

The contract of a swap is more complicated than the direct trade of Bitcoins for dollars. However, it is regulated by the Commodity Futures Trading Commission, which allows you to operate in accordance with applicable laws.

Nasdaq CEO Adena Friedman recently said her company is also considering launching a virtual exchange if all regulatory issues are resolved. To date, only a few hedge funds and institutional investors are investing in Bitcoin from major players, while mutual funds and pension funds do not risk investing in crypto-currencies because of unclear regulatory issues.

Unlike Bitcoin futures, launched last year by the two largest Chicago exchanges CME and CBOE, swap contracts are closer to the direct trading of cryptocurrencies, as they assume its receipt on the client's account. The similar type of cryptocurrency derivatives operates the trading platform LedgerX, but ICE has a much more extensive and wealthy audience.

If ICE does launch such a platform, Bitcoin will be available to a much broader and more influential client base.

Earlier ICE considered the possibility of providing swap contracts related to the air, but the idea was abandoned because of the uncertainty in the regulation of this asset. 

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