NYSE Entry in Crypto Market Will Re-Define the Rules of the Game

New York Stock Exchange (NYSE) is in the process of creating an online marketplace for crypto and digital assets and has filed patent application. Various players are competing for the already crowed online marketplace but NYSE entry will be disruptive. This will be the first of its kind move by a traditional exchange for creating a full stack platform for trading and transacting in digital assets and related services.  Entry of 230-year-old NYSE in the online marketplace for digital assets and crypto, will not only help in formalising the crypto market but will also create better processes and transparency in the market.

According to the public document, NYSE has filed a trademark application with Commissioner for Trademarks, for registering “NYSE” as a marketplace for NFTs or non-fungible tokens. Application for various patents has been filed, which will enable NYSE to provide whole bunch of services related to trading of digital assets on its platform and will make it a platform fit for the future metaverse.

Patent under International Class 035 has been filed for online marketplace for downloading of digital goods authenticated by NFTs, marketplace for transacting in digital assets, artwork, collectibles and NFT; marketplace for dealing in digital currency, virtual currency, cryptocurrency, digital tokens, crypto tokens and utility tokens; creation of virtual stores, and virtual showrooms

under International Class 009 patent has been filed for downloadable virtual reality, augmented reality, and mixed reality software for enabling visualization, manipulation, and immersion experience for users. API for allowing users for performing e-commerce and financial transactions i.e., payments, fund transfer and processing payments, downloadable API for allowing buying, selling, and trading of financial instruments etc. downloadable digital collectibles created using blockchain technology and smart contracts, patent for digital currency wallet and storage etc. Patent also relates to provision for platform as a service (PaaS) and launching of its own token.

Markets for digital collectibles are growing exponentially. NFT marketplaces have already attracted investor frenzy and are continually raising significant funding for creation of NFT ecosystem including creation of platform. According to Crunchbase data, OpenSea has successfully raised a $427.2 million. Open Sea is developing NFT marketplace for enabling transaction in blockchain based digital asset. AgoraLV has raised 12.3 million pounds and Rarible which is also an emerging prominent player in NFT marketplace space has raised $16 million in funding.

Whilst speaking to New York Post, spokesperson of NYSE said that NYSE has no immediate plans for launch cryptocurrency or NFT trading. NYSE entry into digital asset exchange space will create a big competition for dominant exchange like Coinbase and Binance. Also it will help in expansion of crypto market by tapping its large user bases and NYSE will also be instrumental in fostering credibility, transparency and trust in the market.

Bureau Galactik Views

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