UPDATE (17th April 9:30 GMT): SecondMarket has not yet launched its institutional bitcoin exchange – it's expected later this year. However, the company has added a new page to their website for "market making" as clarified by founder and CEO Barry Silbert over Twitter:
New York-based SecondMarket previously confirmed that it will launch a professional-level bitcoin exchange service for institutional traders (including banks, hedge funds, brokers and bitcoin companies) later this year.
That effort is still ongoing, and will be separate from the SecondMarket brand acccording to Barry Silbert:
SecondMarket, a registered broker-dealer that has experience offering unique asset classes and alternative investments, is already targeting investors interested in trading a minimum of 25 BTC per trade for its market making service.
Notably, however, that level of bitcoin trading is in a market that has seen bitcoin exchanges struggle to fill orders, according to investors familiar with institution-level BTC trading.
25 BTC minimum
SecondMarket, as a result, is targeting investors who seek to move large amounts of bitcoin, a market that only a few companies are currently able to provide.
SecondMarket made an announcement that it would get into the bitcoin exchange business earlier this year, and this is a new landing page to attract accredited investors through its website.
Bitcoin Investment Trust
SecondMarket also offers a product called the Bitcoin Investment Trust, which founder Barry Silbert says already holds 100,000 bitcoins. Silbert has long been bullish on the long-term prospects of bitcoin, and his connections to the financial world give SecondMarket a degree of credibility in the digital currency industry.
Adam Draper, founder of Boost VC, which invests in bitcoin companies, shared his thoughts on the launch with CoinDesk:
Image via SecondMarket
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