New York-based SecondMarket is now letting investors know that it has a professional-level bitcoin exchange available for institutional traders.
The company had previously confirmed it would launch a US-regulation exchange by summer.
SecondMarket, a registered broker-dealer that has experience offering unique asset classes and alternative investments, is targeting investors interested in trading a minimum of 25 BTC per trade.
That level of bitcoin trading is in a market that has seen bitcoin exchanges struggle to fill orders, according to investors familiar with institution-level BTC trading.
25 BTC minimum
According to recent CoinDesk Bitcoin Price Index values, 25 BTC is worth more than $12,000.
SecondMarket, as a result, is targeting only investors who seek to move large amounts of bitcoin, a market that only a few companies are currently able to provide.
Past week bitcoin prices. Source: CoinDesk BPICompanies such as itBit, Vaurum and most recently CoinMKT have intentions of reaching the financial world with bitcoin investment platforms.
SecondMarket made an announcement that it would get into the bitcoin exchange business earlier this year, but are now publicizing the fact to accredited investors through its website.
According to information posted on the SecondMarket site, the process to because a customer on the exchange requires a compliance application process and a conversation with one of the exchange’s representatives.
Bitcoin Investment Trust
SecondMarket also offers a product called the Bitcoin Investment Trust, which founder Barry Silbert says already holds 100,000 bitcoins. Silbert has long been bullish on the long-term prospects of bitcoin, and his connections to the financial world give SecondMarket a degree of credibility in the cryptocurrency industry.
Big milestone today for Bitcoin Investment Trust — now holds over 100,000 bitcoin http://t.co/nBzlaGupy4 cc @BitcoinTrust
— Barry Silbert (@barrysilbert) April 10, 2014
Silbert recently told CoinDesk that 15% of institutional investors were already bitcoin believers.
Adam Draper, founder of Boost VC, which invests in bitcoin companies, told CoinDesk:
“I think that Barry Silbert is one of the lead pioneers and innovators in the Bitcoin space. He is really sticking his neck out for mass adoption of bitcoin and I love it.”
With hedge funds such as Pantera Capital going all-bitcoin, and the support of Fortress Investments and others, the interest from Wall Street seems to be on the rise.
Bankers and investment professionals are also expected to mingle with bitcoin professionals at Money2020 later on this year, a annual event expected to attract thousands in the finance industry.
April 16, 2014 at 08:45PMLatest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card
