What’s The News In Bitcoin Trading From NYSE As Well As KnCMiner?
The market is constantly evolving around the Bitcoin. Here are the details of two strong exchanges. Read on.
A Bitcoin Trading Platform Is Underway From The Owner Of The New York Stock Exchange
Working on its Bitcoin trading platform is the New York Stock Exchange with reports from the New York times that NYSE’s parent company was developing an online exchange that was geared toward large institutional investors as of those being the kind of financial heavyweights that the cryptocurrency community was waiting for with bated breath.
The whole undertaking could still fall apart according to the report as details of the plan are yet to be unlocked in. Spearheaded by Intercontinental Exchange, the NYSE’s parent company brings the initiative to the front. It is known as unlike the two Bitcoin futures markets that were opened the new operation at ICE is said to provide more direct access to the Bitcoin by putting the actual tokens where customer ‘s accounts as the end of the trade. Whereas the process is still to be executed through swaps whereby the ultimate delivery of Bitcoin was to a client’s account.
Get The Details Regarding It
Explaining in the report,
More complicated than an immediate trade of dollars for Bitcoin, the swap contract is even if the result is still ownership of a certain amount of Bitcoin where it has also allowed so that the trading has come under the strict regulation of the likes of the Commodity Futures Trading Commission that is operating clearly under existing laws that is something today’s Bitcoin exchanges have struggled to do.
Again going further down, with these kinds of swap contracts that are currently being offered by cryptocurrency startup LedgerX that appeals more to the cryptocurrency investors looking to eschew institutional banking’s entrenched players. Being under the wraps the NYSE project follows news that Goldman Sachs is likely to open a Bitcoin trading operation though one that will deal in contracts linked to rises and falls as in the price of Bitcoin rather than the Bitcoin itself for the time being.
Trading for clients Goldman Sachs participated in Chicago Mercantile Exchange and the Chicago Board Options Exchange which are Bitcoin futures markets and the bank will soon offer the clients undeliverable forward contracts for Bitcoin. As for the example of Goldman Sachs, the choice is a response to the overwhelming interest on behalf of the clients.
Bitcoin price has struggled upward toward the critical psychological milestone of $ 10,000 in recent weeks after a crash from dizzying highs, sitting at $ 9,145 whereas many longtime Bitcoin investors, as well as traders, readily believe that a clearer regulatory path was paired with institutional involvement which was convoluted making all the difference.
How Has KnCMiner Raised $14 Million Taking Over Bitcoin Mining?
Regarding this, it is the recent news that a Swedish maker of Bitcoin miners KnCMiner has now announced a $ 14 million series A helping build out new mining chips along with hosted mining services, where it was founded by Sam Cole and Andreas Kenner the company raised with GP Bullhound advising where Creandum led the round. The company said in a release that the funding is to enable KnCMiner to expand the mining operations and the ability to offer services to the consumers concerning the Bitcoin environment. Whereas in reality, KnCMiner has been making heavy-duty ASIC systems moving the Bitcoin markets a few seconds after they were deployed. Currently, the company is working on new chips.
As Cole says, they are improving the 20nm ASIC capability and for R&D on the next generation, ASIC chip comes on stream next year representing a step-change in processing capacity. While the truth is that the company has been actively looking for funding, the miners sell out immediately during pre-order periods as they’ve been able to fund the entire venture on their own. This is however that they’re looking forward to expanding operations in hosted mining as well as create new chips faster.
The Final Words To Wrap Up The Discussion
Finally, to note, the company has been bullish on Bitcoin whereas it will be looking for about $ 70million in Series B funding as KnC believes that Bitcoin price will appreciate steadily as well as significantly over time due to the interaction of affixed rate of money supply growth significantly faster growth in transaction volumes thereby rising the money demand. The excess demand for bitcoins will eventually lead to currency appreciation i.e. a rising US dollar value of Bitcoins over time according to Cole as he says they believe Bitcoin will have a tremendous impact on a global scale. This then leaves the Bitcoin to assert itself in the cryptocurrency world.