Bitcoin Makes Its Way To A Major Exchange
Investors looking for a way to invest in bitcoin without setting up an online wallet or defer to a small exchange will soon be able to do so as bitcoin makes its way to the New York Stock Exchange.
Tera Group, the company behind the bitcoin derivatives platform TeraExchange, has signed a letter of intent with MGT Capital Investments Inc. (NYSE: MGT) that will merge the two companies. The agreement, expected to be finalized on March 16, will make TeraExchange the first bitcoin-based company to be publicly traded on the NYSE.
Other bitcoin businesses have gone it alone trading OTC or on smaller exchanges like the Nasdaq Capital Market Composite or the Toronto Stock Exchange, but this merger agreement will make Tera Group the only derivatives exchange to list on the NYSE.
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TeraExchange CEO Christian Martin said the merger will prove to be a perfect match as both companies are bringing something unique to the table. TeraExchange has long been looking for ways to enter capital markets, while MGT has been interested in finding inroads to the bitcoin market. Martin said the decision to merge with MGT is expected to give both TeraExchange and bitcoin itself a wider audience, further pushing the cryptocurrency into the public eye.
Investors are hoping that the deal will give TeraExchange the financial boost it needs to continue growing its service; the company is expected to roll out new features including more advanced marketplace statistics once the merge is complete.
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