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New York Stock Exchange parent company introduces bitcoin

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The first federally regulated market to buy and sell Bitcoin will give it mainstream recognition. FMTNews

NEW YORK: The parent company of the New York Stock Exchange will from Sunday offer investors the option to trade Bitcoin, giving the pioneer cryptocurrency further mainstream recognition.Brokers will then be allowed to trade futures contracts on one of the Intercontinental Exchange’s platforms, by betting on increases or decreases in the currency’s value, just as with oil or gold.ICE’s virtual currency subsidiary, Bakkt, will lead the operation.

Another major stock exchange – the Chicago Mercantile Exchange – has since the end of 2017 also offered trading in cryptocurrency futures. But when the CME’s futures contracts expire, clients receive the dollar equivalent of the Bitcoin value. The idea is to prevent investors from owning Bitcoins themselves.

“Providing a trusted ecosystem is our first objective,” Bakkt CEO Kelly Loeffler said in a mid-August statement just after American authorities gave final approval.

 

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