Bitcoin is set to receive a boost with news that the parent company of the New York Stock Exchange (NYSE) is developing an online trading platform that would allow large investors to buy and hold bitcoin. Unlike the futures contracts being offered by Goldman Sachs and the Chicago Mercantile Exchange, ‘swaps’ would be utilized to enable investors to buy a contract that would result in the customer owning bitcoin the next day. NYSE clients and investors would be able to directly buy, sell, and hold bitcoin, possibly in a wallet, similar to Coinbase or other existing cryptocurrency platforms.
Up Next in Blockchain
Goldman Sachs, in pioneering a new cryptocurrency market on Wall Street, plans to start small and offer a limited number of derivatives, according to a person briefed on the decisions. It will trade bitcoin futures in a principal, market-making capacity, and will also create non-deliverable forward products.
Goldman to Set up Bank to Trade in Bitcoin
Thomson Reuters has found that 1 in 5 of its financial services clients is considering trading cryptocurrencies in 2018. The recent survey of more than 400 clients found that interest was concentrated mainly around those coins with larger market valuations. However, this “major change” from a year ago may also reflect an interest more generally by traditional financial players to start gaining experience with tokenized assets, in anticipation of a wave of new financial instruments such as crypto bonds, blockchain-based equity, and tokenized dividends.
1 in 5 Financial Institutions Exploring Crypto Trading
Join in on the conversation with Shannon Steele when you subscribe to Future of Financial Services.