Intercontinental Exchange, the parent company of the New York Stock Exchange, is reportedly developing an online cryptocurrency exchange.
According to the New York Times, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has plans to develop their own online cryptocurrency trading exchange. The company has previously dabbled in cryptocurrency matters, releasing a cryptocurrency data feed in March, but this would be the company’s first attempt to step into crypto trading.
ICE isn’t the only financial body looking to step into the world of cryptocurrency. Wall Street bank Goldman Sachs announced in April that they would be launching their own crypto trading desk. Chicago based firms DRW and Jump Trading have also begun trading cryptocurrencies. The report from the New York Times states that the new trading platform by ICE would “allow large investors to buy and hold bitcoin,” but that this new initiative is still in the planning stage.
Nasdaq CEO Adena Friedman has also expressed interest in opening a cryptocurrency exchange recently. “Certainly Nasdaq would consider becoming a crypto exchange over time,” Friedman told CNBC’s Squawk Box. “If we do look at it and say ‘it’s time, people are ready for a more regulated market,’ for something that provides a fair experience for investors.” Friedman further stated: “I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature. Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly Nasdaq would consider it.”
This news could spell a strong future for cryptocurrency which has recently faced skepticism from traditional investors such as Warren Buffet and Bill Gates who referred to it as “rat poison” recently. “When you’re buying nonproductive assets, all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along,” stated Buffett before referring to Bitcoin as “rat poison squared.”