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Report: NYSE Owner ICE Weighs Bitcoin Trading Platform Launch
Intercontinental Exchange, the firm that owns the New York Stock Exchange, is developing a bitcoin trading platform, according to a report.
Updated Sep 13, 2021, 7:55 a.m. Published May 8, 2018, 1:45 p.m.
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Intercontinental Exchange, the firm that owns the New York Stock Exchange, is the latest Wall Street giant to be mulling a move into the cryptocurrency space, according to a report.
An article from The New York Times published Tuesday suggests that Intercontinental Exchange (or ICE) has been developing an online bitcoin trading platform for major investors who want access to bitcoin.
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The newspaper cited emails and documents it obtained as well as conversations with four people with knowledge of the still-confidential project.
While details of the trading platform have not been set in stone and it may not still go see launch due to concerns over bitcoin's negative reputation in traditional finance, the report indicates, the move by the established financial firm would be notable if it does go ahead.
The Times said an ICE spokesman would not comment when asked about the trading platform.
The report also suggests that the company has had discussions with other financial institutions about a different effort that could make ICE-backed bitcoin swap contracts available to banks, though the exchange has made no announcements on either project.
Notably, the news comes shortly after recent reports that other Wall Street giants are becoming more open to offering services around the cryptocurrency.
For example, investment bank Goldman Sachs, according to reports in early May, has a plan to use its own money to trade bitcoin futures on behalf of its clients. And Nasdaq's CEO of Nasdaq suggested last month that the company could open a cryptocurrency exchange in the future.
NYSE image via Shutterstock
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