The market will allow investors to obtain their earnings in Bitcoins and store them in their own wallet.
Recently, one of the most important stock markets in the world, the New York Stock Exchange (NYSE), officially introduced Bitcoin among the assets that can be invested inside the stock market. In this way, this cryptoactive achieves direct recognition as one important cryptocurrency among traditional markets.
It is known that operations with this asset began on Sunday 22nd in New York, midnight at GMT so this asset is now available in electronic exchanges.
In this way, the Intercontinental Exchange (ICE) platform can be used so that stockbrokers can make the usual investments in the contracts that Bitcoin will have in the future. In this way, the cryptocurrency will be treated like any other value such as gold or oil. That is, citizens and companies can invest in Bitcoin when it experiences a rise or fall in the market.
It was known that Bakkt, the official subsidiary of ICE, will have control of the operations since this exchange procedure would begin in November, but they experienced a delay of the project due to technical problems.
Bitcoins can be purchased through many other small platforms by purchase or by asset exchange. However, this type of operation can now be conducted in the main figure of Wall Street, the New York Stock Exchange. This financial institution has prestige, history and legitimacy since many years in the world markets.
Other Exchanges Recognize Cryptocurrencies
Since the end of 2017, another of the most important stock markets, the Chicago Mercantile Exchange (CME), enabled the possibility of investing in future contracts in projects involved with Bitcoin. Therefore, more than 7,000 contracts have been made since that time, calculating an approximate value of more than US $ 350 million, among all crypto-related projects.
It is known that this investment system in the Chicago stock exchange works by contract and by value investment. That is, once the contracts expire or conclude, investors receive their earnings in the equivalent of Bitcoin in dollars so this prevents investors from having Bitcoins.
In New York, the procedure is different. Users are able to obtain Bitcoins, contrary to what happens with the commissioning of Bakkt. In the New York Stock Exchange, investors will receive their earnings in Bitcoins and also have a backup system where they can store their money in a security system, something similar to a cryptocurrency wallet.
Kelly Loeffler, who is Bakkt’s Chief Executive, said they are looking for investor confidence. “Our first objective is to provide an ecosystem in which we can feel confident”. Now, the New York Stock Exchange is one step closer to those interested in contracts with the cryptoactive, despite the large number of traditional investors who still distrust the virtual currency market.
This project was launched before the announcement of Facebook, about its cryptocurrency Libra, which is expected to be launched in mid-2020. However, it could bring to this stock market a greater vote of confidence when this other asset is finally released.
By María Rodríguez