The world’s largest stock trading platform plans to become a digital currency and non-fungible token (NFT) marketplace. The New York Stock Exchange (NYSE) has filed a number of patents that would allow it to expand into digital assets and even the metaverse, but it says it has no immediate plans to switch to Bitcoin.
In its just-publicized February 10 patent filings, the stock trading giant sought to register “NYSE” for goods and/or services it may create and offer that relate to digital assets, tokens, NFTs and metaverse-related technologies such as augmented reality.
The NYSE also called for the “provision of an online marketplace for buyers, sellers, and traders of downloadable digital goods authenticated by non-fungible tokens (NFTs).” This market would also encompass virtual and digital assets, works of art, collectibles, etc.
The exchange, which is owned by the Intercontinental Exchange, is also preparing to give Coinbase (NASDAQ: COIN) a hard time, applying to launch a digital asset market. If this materialized, it would be the most impactful move by a traditional giant in the digital currency exchange industry and with its vast resources and networks, the NYSE would be able to tap into an investor base that is stayed away from the digital currency market so far.
In addition to facilitating exchanges, the NYSE is also considering launching its own native token, a move that many exchanges tend to make. These exchanges attract users to their tokens through incentives such as reduced trading fees if paid with these tokens.
However, many securities experts have classified these tokens as securities and believe it is only a matter of time before authorities such as the Securities and Exchange Commission (SEC) crack down on Binance over these tokens.
Despite the patent application, the NYSE does not plan to dive into digital currencies or NFTs anytime soon, according to an exchange spokesperson.
Speaking to the New York Post, the spokesperson said, “The NYSE has no immediate plans to launch cryptocurrency or NFT trading. The NYSE regularly reviews new products and their impact on our brands and protects our intellectual property rights accordingly.
In April 2021, the NYSE delved into NFTs for the first time, creating six NFTs commemorating the debut of companies such as Spotify and DoorDash on its stock trading platform.
1/6: This is a milestone when a company is listed on the NYSE and begins trading for the first time.
Today we celebrate this moment by launching NYSE First Trade NFTs. https://t.co/jyZjzESP7P
Why are we doing this?
— NYSE 🏛 (@NYSE) April 12, 2021
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