ForexMinute.com – After adding a new Bitcoin “market making” page yesterday, SecondMarket has raised the investors’ expectations to launch a new Bitcoin exchange anytime in this year. As per the statements from the officials from the company, the new exchange will facilitate institutions and investors with services related to Bitcoin and other digital currencies.
The recent Mt. Gox collapse has indeed raised the need of developing a new exchange that would take over the world’s cryptocurrency market. With most of the major exchanges are based in China, the cryptocurrency market movements are subjected to higher risks as the Chinese government has always displayed a careless attitude towards the regulation and use of Bitcoins. With a renowned company like SecondMarket entering the loop, investors will have more trust in purchasing and using Bitcoins.
SecondMarket CEO Barry Silbert had earlier predicted the chances of Bitcoin to enter Wall Street. His vision was to see how Bitcoin can further boost the economy by adding hundreds and millions of dollars into it. With their hint towards opening a new Bitcoin Exchange, Barry is likely to achieve this dream in future by encouraging investors who have been kept out from the digital currency sector by far.
The SecondMarket’s upcoming Bitcoin exchange will however not suite everyone, as it is aimed more on experienced investors with a phenomenal purchasing power. As per the reports, SecondMarket has allowed a minimum of whopping 25 BTC Bitcoin transaction, which clearly means that the exchange is a lot different than the regular cryptocurrency exchanges we are accustomed to.
There are many things that will put SecondMarket Bitcoin exchange in a completely different league. For instance, users will have to meet certain guidelines before beginning to trade on this exchange. First of all, the users’ account will have to be approved by SecondMarket; and once the user has received the approval, the user will have to negotiate a price for the transaction of a minimum of 25 BTC. Upon the completion of the negotiation, the user will require to send its BTC to SecondMarket first, by using a wallet he/she will be facilitated. The user (if seller) will then be required to wait for the transaction to go through six confirmations, or send the agreed funds to a Bitcoin wallet of SecondMarket (if buyer).
SecondMarket is an experienced and highly professional company in this kind of market. It has been providing share trading services to many major businesses (including the likes of Facebook and Twitter) from an extensive period. In September last year, SecondMarket opened the Bitcoin Investment Trust, an investment fund (ETF) that allows indirectly invest in Bitcoin, so that investors do not have to worry about digital wallets or management Bitcoins.
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To contact the reporter of this story: Yashu Gola at email@example.com