Things keep getting better for cryptocurrencies, with financial institutions starting to ditch their naysayer attitudes and taking a second look at digital coins with a sense of intrigue.
The parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), seems to be working on the launch of a Bitcoin trading desk, the New York Times reports. This is according to documents seen by the newspaper and information provided by four insiders.
If the plan comes to fruition, ICE will become the first global exchange to embrace cryptocurrency trading. Wall Street majors are already warming up to the idea, with Goldman Sachs (NYSE:GS) announcing at the start of this month it would be setting up a Bitcoin trading desk in what might prove the first such operation on Wall Street.
By the looks of it, big banks are making moves that could be taken as validation of the idea that cryptocurrencies are entering the mainstream.
Blockchain Capital partner Spencer Bogart stated a few days ago that Goldman Sachs’ cryptocurrency trading ambitions would start a domino effect across Wall Street. However, he did not believe it was going to happen just because Goldman Sachs is leading the charge.
“This market is so large that you can’t ignore it anymore. I’m sure that most of these banks have heard about the numbers that companies like Coinbase and Binance are putting up,” he said.
Until Goldman and ICE appeared on the stage, all eyes were on CME and CBOE - the exchanges that introduced Bitcoin futures contracts. Now that Wall Street is in on the game, the paradigm changes and digital coins should gain further legitimacy.
Wall Street isn’t without its detractors, however. Just recently, Warren Buffett and his partner Charlie Munger both took aim at cryptocurrencies.
While Buffett was restrained and compared digital coins to stamp collections, Munger described the phenomenon as “dementia” and something “disgusting.”
Bitcoin enthusiasts hoping the cryptocurrency would supplant banks might also be disappointed by ICE’s move since it establishes the coin as an institutional asset. However, there are doubts as to whether it would have reached mainstream status without any support from Wall Street investment banks.
This article appeared first on Cryptovest
