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BITCOIN STEPS CLOSER TO LEGITIMACY

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BITCOIN STEPS CLOSER TO LEGITIMACY

May 20 2015, 07.30am GMT

STOCK.com

On Monday, Bitcoin, the digital currency reached a pivotal milestone as the 1st regulated Bitcoin-based security which started trading in Stockholm.

The name of the security is Bitcoin Tracker One (BTO). It had risen to close at 9.73 krona in its 1st session of trade compared to 9.69 krona when it opened, reported on the website of Nasdaq OMX Nordic. The security has been newly listed on the Nasdaq’s exchange in Stockholm.

In a news release that was issued on Monday, Adam Kostyal, the head of European listings & senior vice president at Nasdaq, said that the exchange-traded note structure of BTO has been created in order to draw in both retail and institutional investors by allowing them participation in a well-regulated, transparent market.

This recent listing is definitely one of several noteworthy developments in bitcoin’s history that has happened over the last two weeks. The Wall Street Journal last week reported that Nasdaq were testing ways to make use of the blockchain, the very technology bitcoin was built on, in Nasdaq’s Private Market.

Meanwhile, the Financial Services Department of New York earlier this month granted a startup Bitcoin exchange, itBit, the 1st ever trust charter to be granted to a bitcoin exchange.

A wild run-up in valuation was experienced by Bitcoin that began in the fall of the year 2013, which saw an eventual peak well above the $1,000 mark. But this price soon came crashing down after hackers stole bitcoin dollars’ worth hundreds of million from the infamous Mt. Gox bitcoin exchange last summer, burdening some customers with massive losses.

According to the Coindesk Bitcoin Price Index, one bitcoin was worth around $236 recently. The index analyses the prices on many popular bitcoin exchanges.

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