News From The Crypto Currencies Scene

NYSE Launching Bitcoin Index

NYSE Launching Bitcoin Index

The New York Stock Exchange announced today that they are launching a Bitcoin index today, dubbed NYXBT. The index will be the first on a stock exchange and will show the Bitcoin unit value in USD based on actual transactions from selected Bitcoin exchanges, though it will only be with Coinbase to start with.

The NYSE made a small investment in Coinbase earlier this year, making them a natural selection as the first exchange to pull Bitcoin values from, but they established at the same time that more exchanges will be included when “further exchanges that meet NYSE’s rigorous standards for transparency, liquidity and governance are identified”

“Bitcoin values are quickly becoming a data point that our customers want to follow as they consider transacting, trading or investing with this emerging asset class,” said NYSE Group President Thomas Farley. “As a global index leader and administrator of ICE LIBOR, ICE Futures U.S. Dollar Index and many other notable benchmarks, we are pleased to bring transparency to this market. By combining our technology infrastructure with our expertise in index calculation and data management, we will continue to launch complementary products based on our rigorous standards and proprietary index methodology.”

Great news for the Bitcoin industry, taking a huge step in the right direction towards mainstream adaption and regulation. 

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