Crypto exchange in New York.
A crypto exchange is a digital marketplace where traders can buy and sell cryptocurrencies using different fiat currencies or altcoins. Crypto exchanges typically charge a fee for each transaction. One of the most popular crypto exchanges is Coinbase, which has its headquarters in San Francisco but also has an office in New York City. Another popular exchange is Kraken, which is based in the United States but also has offices in Canada, Japan, and the United Kingdom.
New York's First Crypto Exchange Launches
On Tuesday, the first regulated cryptocurrency exchange in New York State, Gemini, officially launched. The platform offers trading in Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Gemini is owned by the Winklevoss twins, who filed for a bitcoin exchange-traded fund (ETF) with the SEC in 2017. The ETF was rejected by the SEC in March.
The launch of Gemini comes as regulators around the world continue to grapple with how to handle cryptocurrencies. Earlier this month, Switzerland's financial regulator, FINMA, said it would create a sandbox for blockchain and digital asset companies. Japan has also been scrutinizing the cryptocurrency industry. In December, the country's financial regulator, the Financial Services Agency, announced it was forming a task force to study cryptocurrencies.
Second Crypto Exchange Launches in New York
The first U.S. regulated crypto exchange, Gemini, has launched in New York. The exchange offers institutional investors access to cryptocurrencies and blockchain-based assets.
Gemini is the brainchild of Cameron Winklevoss and Tyler Winklevoss, two of the co-founders of Facebook. The exchange is regulated by the New York State Department of Financial Services, which makes it a safe and secure platform for investors.
The launch of Gemini comes at a time when the crypto market is experiencing a downturn. However, Gemini believes that the future of cryptocurrencies is bright and that institutional investors will play an important role in the growth of the crypto market.
Gemini will offer institutional investors access to over 50 digital assets, including bitcoin, ethereum, and litecoin. The exchange will also offer margin trading and over-the-counter trading.
NYSE Arca Files to List Bitcoin Futures
Contracts
The founding members of the Chicago Board Options Exchange (CBOE) filed a proposal with the U.S. Securities and Exchange Commission (SEC) to list and trade bitcoin futures contracts.
The proposal was filed by CBOE Holdings, Inc. on behalf of its subsidiary, the Cboe Futures Exchange, LLC. The move comes as the world’s leading derivatives exchange looks to capitalize on growing interest in bitcoin and other digital assets.
According to Reuters, the proposal would allow investors to buy and sell bitcoin futures contracts on an exchange that is regulated by the SEC. Futures contracts allow traders to bet on the price of an asset at a future date.
The move by CBOE follows that of the Chicago Mercantile Exchange (CME) which filed a proposal with the SEC to list and trade bitcoin futures contracts earlier this year. However, CME’s proposal was later withdrawn after intense criticism from regulators.
While the approval of bitcoin futures contracts by the SEC remains uncertain, the move by CBOE is likely to increase investor interest in the cryptocurrency. Bitcoin traded at $6,582.10 as of press time.
Nasdaq May Soon Allow Bitcoin Futures Trading
Nasdaq may soon allow Bitcoin futures trading, the Wall Street Journal reported Monday.
The exchange operator is in the final stages of considering the addition of the contracts, according to the report, which cited unnamed people familiar with the matter. The contracts would allow investors to bet on the future price of Bitcoin.
Bitcoin futures have been controversial since their inception last December, with some government regulators warning about the potential for financial instability. Nasdaq is one of several exchanges that has been considering the addition of the contracts.
Bakkt Set to Launch Bitcoin Futures Trading in December
The Bakkt Bitcoin Futures Trading platform is set to launch in December, according to reports.
The Bakkt platform is a joint venture between Microsoft and Starbucks. The company plans to offer contracts that will allow investors to buy and sell bitcoin at predetermined prices.
The launch follows the approval of the Bakkt platform by the US Commodity Futures Trading Commission (CFTC). The platform is set to use Microsoft’s cloud infrastructure and will have access to Microsoft’s market data and trading tools.
Bakkt is considered to be a major development for the cryptocurrency market as it offers a regulated and institutional-grade platform. The launch of the Bakkt platform comes at a time when the market is experiencing a period of volatility.
Goldman Sachs to Set Up Cryptocurrency Trading Desk
Goldman Sachs Group, one of the largest banks in the world, is set to open a new trading desk for cryptocurrencies and blockchain. The move follows the bank’s recent decision to start offering crypto custody services.
The trading desk will be housed within Goldman Sachs’s investment banking division and will allow clients to trade cryptocurrencies and other digital assets. The desk is expected to provide access to a range of services including market data, order routing, and execution.
Goldman Sachs joins other major banks including JPMorgan Chase and Citigroup in the race to become a leading player in the cryptocurrency space. The move follows the meteoric rise of cryptocurrencies over the past few years, with prices reaching all-time highs earlier this year.
Bitcoin, the most popular cryptocurrency, has seen its value grow exponentially over the past few years, soaring from under $1,000 to over $20,000 in 2017. Other cryptocurrencies such as Ethereum, Litecoin, and Bitcoin Cash have also seen considerable growth.
While cryptocurrencies remain fairly volatile, they have shown some signs of stabilizing over the past few weeks. However, they remain highly speculative and are subject to large price fluctuations.
Goldman Sachs is not the only financial institution to move into the cryptocurrency space. Several major banks including Morgan Stanley and Credit Suisse have launched their own bitcoin futures products.
Morgan Stanley Considers Bitcoin Futures Trading
One of Wall Street’s biggest banks is considering trading bitcoin futures, according to a report from The New York Times.
According to the report, analysts at Goldman Sachs and Morgan Stanley are among those who have been working on the idea.
The news comes as the price of bitcoin continues to see wild swings, with the cryptocurrency trading as high as $19,500 earlier this week before falling back to around $14,000.
Bitcoin futures were launched by CME Group and CBOE Global Markets in December of 2017. They are considered to be a way for investors to bet on the price of bitcoin without actually buying the cryptocurrency.
While bitcoin futures have yet to become popular, they have come under fire from some regulators who are concerned about the potential for manipulation.
Bitcoin futures are not currently available on any other major U.S. exchange.
New York Stock Exchange to Begin Trading Ethereum Futures
The New York Stock Exchange (NYSE) will begin trading Ethereum futures on Dec. 10, according to a press release from the exchange.
Ethereum is a decentralized platform that allows users to conduct transactions and contract operations without the need for a third party. The cryptocurrency has seen significant growth in recent years and is currently the second largest digital currency by market cap.
The Ethereum futures contracts will be based on the Gemini Ether Trust (GEM) auction price, which was set at $317.06 on Nov. 22. The contracts will expire on Jan. 17, 2020.
“We are excited to offer our customers the ability to trade Ethereum futures contracts on the NYSE,” said Robert Cornish, CME Group’s Senior Vice President of Futures and Options. “We believe that this new product will provide interested parties with a way to gain exposure to Ethereum while mitigating the risks associated with investing in this new digital asset.”
The launch of Ethereum futures will mark the first time a major U.S. exchange has offered such contracts. Bitcoin futures were introduced by the CME Group and CBOE Global Markets in December 2017.
CBOE Plans to Offer Ethereum Futures Contracts
The CBOE plans to offer Ethereum futures contracts. Ethereum is a cryptocurrency with a market cap of over $50 billion. The CBOE plans to offer the contracts on December 10th. The contracts will allow investors to speculate on the price of Ethereum.
Chicago Board Options Exchange Seeks to List Ethereum Futures
On Tuesday, the Chicago Board Options Exchange (CBOE) filed a proposal to list Ethereum futures contracts. If approved, Ethereum would become the fifth cryptocurrency to be listed on the exchange.
Ethereum has been gaining traction in recent months as a potential successor to Bitcoin and other cryptocurrencies. The proposal filed by CBOE would allow traders to bet on the price of Ethereum, rather than purchasing the cryptocurrency itself.
The listing of Ethereum futures contracts could pave the way for more institutional investment in the cryptocurrency. Futures contracts allow investors to speculate on the price of a product without actually owning it. CBOE is the second largest derivatives exchange in the United States, after the New York Stock Exchange.
If approved, Ethereum futures contracts would be available for trading on CBOE starting in late 2018 or early 2019.
Crypto Exchanges in New York See Record Trading Volumes
Crypto exchanges in New York reported record trading volumes in the first quarter of 2019. Bitfinex, Coinbase, Binance, and Kraken all reported volumes over $1 billion during the quarter. This is a significant increase from the same period last year, when only Coinbase and Binance reported volumes over $1 billion.
This surge in activity is likely due to the increasing popularity of cryptocurrency trading and the growing number of institutional investors entering the market. The New York State Department of Financial Services recently announced that it would regulate cryptocurrency exchanges in the state, which may also contribute to the increased volume.
New York's Crypto Scene Heats Up as More Exchanges Launch
New York’s Crypto Scene Heats Up as More Exchanges Launch
As the number of exchanges in operation continues to grow, so too does the demand for digital assets. This has resulted in a surge in prices for many cryptocurrencies, with some reaching all-time highs.
This recent uptick in activity has been good news for New York’s cryptocurrency community, as many new exchanges have recently launched in the city. Among these is Coinbase Pro, which has made it possible for users in New York to buy and sell bitcoin, Ethereum, and Litecoin.
Other exchanges that have recently launched in New York include Bittrex, Kraken, and Poloniex. Combined, these platforms provide access to more than 100 different cryptocurrencies.
This growing interest in cryptocurrencies has also prompted a number of new businesses to emerge in the city. These include CoinDesk, which provides news and analysis about the digital currency industry, and BitLicense Inc., which is responsible for regulating digital asset businesses in New York.
Overall, the increasing popularity of digital assets in New York is likely to continue to boost prices and activity in the city’s cryptocurrency scene.
