Intercontinental Exchange Reportedly Building Bitcoin Trading Platform
Wall Street is quickly catching the crypto fever. Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is reportedly building a bitcoin trading platform designed for institutional investors that are looking to diversify into digital assets. This report comes just weeks since Nasdaq CEO Adena Friedman declared being open to building a Nasdaq cryptocurrency exchange.
While not much is certain about the secret project, anonymous insiders shared a few significant details with The New York Times. According to the report, ICE is in active conversation with other major financial institutions about setting up a swap contract system that enables customers to purchase Bitcoin with the backing and security of its exchange. While ICE was considering a similar system for Ether swap contract, it reportedly backed away due to ongoing regulatory uncertainty surrounding the altcoin.
Additionally, Several big corporate names, including the tech investor SoftBank, are said to be potentially involved in the exchange. While the insiders admit that the whole operation is fragile, and could fall apart at any minute, these new developments suggest ICE sees long-term value in cryptocurrencies.
This news comes shortly after speculation dropped that big brokerage firms, including Goldman Sachs and Morgan Stanley, are preparing to open dedicated cryptocurrency desks. Additionally, recent reports indicate that Coinbase has plans to begin offering block trades for institutional clients and that Billionaire Peter Thiel has backed a startup that is building trading tools to aggregate OTC markets and dark pools to provide investors with large block trades.