The Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE) is developing an online platform for cryptocurrency exchange The New York Times reports.
Why it is important
- This step is further proof that Wall Street’s attitude towards cryptocurrencies is changing: the biggest financial organizations are withdrawing from criticism and are beginning to acknowledge the potential of cryptocurrency trading.
- This is potential evidence proving Bitcoin’s status as a long-term investment.
If the ICE launches this platform, the NYSE will become the first official stock exchange in the US which to accommodate cryptocurrency trading.
One month ago ICE CEO Jeffrey Sprecher said:
“There is the trend we can not ignore. People are more comfortable in technology than the institutions of government and society that I grew up with... People put more faith in a guy named Satoshi Nakamoto that no one has ever met than they do in the U.S. Fed.”
On the other hand, Bitcoin enthusiasts believe that the growing attention of financial institutions and governments to cryptocurrencies contradict their founding ideals.
LedgerX founder Paul Chou said:
“The reason we got into crypto was not to partner with a bank, but to replace them… We deal with crypto holders directly in a way that really takes advantage of Bitcoin’s strengths, while avoiding brokers, banks and other institutions that take multiple cuts of the transaction.”
By Nadya Astam