SecondMarket Holdings to create regulated bitcoin exchange in US

E-commerce

by CBR Staff Writer| 26 February 2014

The new exchange will be inspired by the New York Stock Exchange.

SecondMarket Holdings is reportedly planning to set up a US-based regulated exchange for Bitcoin investors, amidst reports that the popular Bitcoin exchange Mount Gox is shutting down.

Expected to be launched by summer of 2014, the new exchange will be inspired by the New York Stock Exchange.

The company, which is currently in discussions with bitcoin companies and some global banks, is planning to recruit about 10 members by the end of March this year.

According to reports the company is planning to invest $20m, as well as cryptocurrency assets, to develop a trading hub.

SecondMarket Holdings founder and chief executive, Barry Silbert, said, "The whole effort will be regulated and all the participants in the exchange will be regulated as well."

According to the company, the exchanges association with global banks is important for the development of the bitcoin market as it would provide the level of comfort wanted by institutional investors.

The exchange is expected to be part of a new company, which SecondMarket will launch to look after firm's bitcoin activities.

SecondMarket's subsidiary is expected to offer funding for the Bitcoin Investment Trust, which has net assets of $47m and a trading desk.

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