NYSE Parent ICE working on Bitcoin Trading Platform

Intercontinental Exchange Inc., the owner of New York Stock Exchange, is reportedly working on a trading platform that would let users buy or hold Bitcoins, according to the New York Times, citing sources familiar with the matter.

ICE has held talks with other financial institutions about the project, but the project could end up being aborted if plans do not go accordingly, said the sources.

ICE’s move to add a Bitcoin platform won’t be the first exchange looking into or already doing so. Chicago stock exchanges Cboe Global Market Inc. and CME Group Inc. launched their Bitcoin futures late last year.

Reports arose last year about Nasdaq looking to launch its Bitcoin futures by mid-2018, but any other reports have not surfaced since the claim.

Goldman Sachs Group Inc. has also looked in offering some sort of contracts for its investors as it prepares to launch its Bitcoin-trading platform. The bank will probably trade Bitcoin futures in a principal, market-making capacity and will also create non-deliverable forward products, a person briefed on the decisions said last week, said Bloomberg.

Cryptocurrency has a lot of issues behind it, which has caused many investors and financial institutions to be cautious of it. Especially Bitcoins, it known to be associated with many criminal activities and is targeted by many hackers.

Although many investors and financial institutes have been hesitant to get into bitcoins due to its history of volatility, money laundering, and criminal activity. But nonetheless, the cryptocurrency has made a huge name for itself.

Wall Street firms have been looking to facilitate the digital currency this year, which has also resulted in the government heavily monitoring it and implementing regulations.

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