In this amazing move, Bitcoin joins its bigger brothers in Wall Street
The parent company of the New York Stock Exchange has been working on an online trading platform, allowing large investors to hold and trade Bitcoin, according to emails and documents viewed by The New York Times.
With Goldman Sachs and Intercontinental Exchange (ICE) sparking an interest in the cryptocurrency known for its high-risk and volatile nature, this marks a new chapter for the history of Bitcoin.
Bitcoin is a virtual currency created after the 2008 global financial crisis with the idea that this currency can eventually take over banks, as it has no central power to control over it. It was initially intended to be used as a currency, for consumers, for all sorts of transactions. Now, it has become an investment, like gold or silver, buying it hoping that its value will go up.
The new platform of ICE will give more direct access for the customers to Bitcoin, and there will be actual tokens in their accounts at the end of the trade. With ICE keeping in contact with other financial institutions, they have talked about setting up with a new system where banks can buy a contract, known as swap, and customers will have Bitcoins the following day. All this with the backing and security of the exchange. With a swap contract, the trading will fall into the regulation of the Commodity Futures Trading Commission, operating clearly under existing laws.
This defeats the initial purpose if Bitcoin being anonymous, however, it does prevent cases like money laundering that the cryptocurrency world is prone to as transactions are now more transparent and the trade is operating under reputable companies.