Earlier this week, the New York Stock Exchange (NYSE) launched the inaugural bitcoin index (NYXBT), giving the cryptocurrency some mainstream support.
The index will be able to represent the US dollar value of one bitcoin based upon actual transactions occurring on select bitcoin exchanges. The exchanges will firstly have to be evaluated and meet NYSE’s quality standards.
According to an official statement by the NYSE, the ‘‘NYXBT utilizes a unique methodology that relies on rules-based logic to analyze a dataset of matched transactions and verify the integrity of the data to ultimately produce an objective and fair daily value for one bitcoin in U.S. Dollars as of 16:00 London time.’’
Bitcoin’s reputation as a genuine currency has recently taken a bit of a beating. Last month, Payment Eye reported on how two US federal agents are being charged after stealing thousands of bitcoin during their investigation of the illicit Silk Road marketplace.
The NYSE clearly took no notice of the allegations surrounding the cryptocurrency.
‘‘Bitcoin values are quickly becoming a data point that our customers want to follow as they consider transacting, trading or investing with this emerging asset class,’’ said Thomas Farley, group president of the NYSE.
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