Yesterday we reported on the parent company of the New York Stock Exchange working on a platform that will allow institutions to buy and hold Bitcoin. Further unnamed sources have confirmed on CNBC that the contracts traded on the NYSE will settle in actual Bitcoin.
If true, the importance of this simply cannot be overstated.
Analysts Dominic Chu and Robert Kelly weighed in on recent reports that the New York Stock Exchange (NYSE) plans to offer Bitcoin (BTC) swap contracts, on CNBC Tuesday, May 8. Both Chu and Kelly argued that the fact that these contracts would be settled with the delivery of BTC itself is an important factor in Bitcoin’s mainstream adoption.
Both commentators were unanimous in considering that the plans of NYSE’s parent company Intercontinental Exchange (ICE) – news of which comes from “multiple reports citing sources familiar,” if true, could be of momentous consequence for the future of crypto.
Whereas the futures contracts currently being offered on CME and CBOE are ultimately settled in fiat, Kelly emphasized that ICE’s suggestion that crypto swap contracts will be settled in BTC is a significant milestone that could herald major Wall Street crypto adoption.