It looks like the crypto mania is no longer limited to retail investors and crypto enthusiasts as institutional investors are actively showing interest. Many big firms and financial institutions have invested in launching their own trading platforms for allowing the trading of cryptocurrencies.
According to the latest report from the New York Times, NYSE’s parent company Intercontinental Exchange (ICE) is working on plans to develop an online Bitcoin trading platform for investors, said four sources familiar with the matter. According to the emails and documents seen by NY Times, the new Bitcoin trading platform will allow investors to buy and hold the digital currency.
NYSE competitors like CME, CBOE and Goldman Sachs have already started offering Bitcoin derivative products and services like Bitcoin Future contracts. However, such contracts don’t allow investors to own and hold Bitcoins. NYSE is planning to take on these giants by launching a Bitcoin exchange that will let users buy and sell the digital currency directly without any sort of involvement of derivatives, futures or other contracts.
The sources familiar with this matter also stated that the company is planning to launch ICE-backed Bitcoin swap contracts that would let the investors own Bitcoins the next day. However, the sources have said that the project is still in the nascent stage and it is quite possible that this launch of ICE Bitcoin exchange could not be executed due to different concerns hovering over the crypto space.
Just two weeks back, Nasdaq CEO Adena Friedman while talking to CNBC said that the company would surely consider launching a crypto exchange in the future once the regulatory air turns clear and some sort of stability is established in the crypto space.
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.”
Friedman is also positive on the future of digital currencies which is currently in its nascent needs to mature over the period of time. She said: “I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature. Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly Nasdaq would consider it.”
Last week, Wall Street banking giant Goldman Sachs announced the launch of a crypto-trading desk that would allow its clients to hold Bitcoin contracts and its derivative products. This decision to launch the service came after a growing number of clients expressed interest.
However, Rana Yared who heads the project of the crypto-trading desk says that the company and herself still remain skeptical regarding Bitcoin. She 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.”