According to Reuters, the New York Stock Exchange (NYSE) announced a collaboration with Coindesk Index to launch financial products that track the spot Bitcoin price.
The New York Stock Exchange, the oldest stock exchange in the world, also took action against the increasing popularity of Bitcoin and announced that special option products following the Coindesk Bitcoin Price Index (XBX) will be released.
Calculated and published once a second, 24 hours a day, 365 days a year, XBX serves as the benchmark for the $20 billion in ETF assets currently under management.
XBX tracks the spot price of Bitcoin in US dollars in real time across multiple crypto exchanges.
Regulatory approval will be required for the listing of option products issued in cooperation with Coindesk Index and NYSE.
Jon Herrick, Chief Product Officer for New York Stock Exchange, said: “As traditional institutions and everyday investors demonstrate widespread excitement about the recent approval of spot Bitcoin ETFs, the New York Stock Exchange is excited to announce its collaboration with CoinDesk Indices. Following regulatory approval , these option contracts will offer investors access to an important liquid and transparent risk management tool.”
“XBX has been providing a reliable Bitcoin price to millions of investors, market participants, and bitcoin enthusiasts since 2014,” said CoinDesk Indices Head of Product Andy Baehr in a statement. “Partnering with the NYSE to launch “It puts risk management tools in the hands of U.S. and global investors.” said.
*This is not investment advice.