The world’s largest stock trading platform is considering becoming 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 make any move into Bitcoin.
In its patent filings on February 10, which just became public, the stock trading giant applied to register “NYSE” for goods and/or services that it may create and offer which relate to digital assets, tokens, NFTs and metaverse-related technology such as augmented reality.
The NYSE also filed for the “provision of an online marketplace for buyers, sellers, and traders of downloadable digital goods authenticated by non-fungible tokens (NFTs).” This marketplace would also encompass virtual and digital assets, artwork, collectibles, and more.
The stock exchange, which is owned by the Intercontinental Exchange, is also readying itself to give the likes of Coinbase (NASDAQ: COIN) a run for their money, applying to launch a digital asset marketplace. If it materialized, it would be the most impactful move by a traditional giant into the digital currency exchange business and with its vast resources and networks, the NYSE would be able to tap into an investor base that has stayed away from the digital currency market until now.
Aside from facilitating trading, the NYSE is also considering launching its own native token, a move that many exchange tend to make. These exchanges lure users to their tokens through incentive such as slashing the trading fees if they are paid in these tokens.
However, many securities experts have classified such tokens as securities and believe it’s only a matter of time before authorities such as the Securities and Exchange Commission (SEC) crack down on the likes of Binance for these tokens.
Despite the patent application, the NYSE doesn’t plan on diving into digital currencies or NFTs any time soon, according to a spokesperson for the stock exchange.
Speaking to the New York Post, the spokesperson said, “The NYSE has no immediate plans to launch cryptocurrency or NFT trading. The NYSE regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly.”
Back in April 2021, the NYSE got into NFTs for the first time, minting six NFTs commemorating the debut of companies including Spotify and DoorDash on its stock trading platform.
1/6: It’s a major milestone when a company lists on the NYSE and begins trading for the first time.
Today, we’re celebrating that moment by launching NYSE First Trade NFTs. https://t.co/jyZjzESP7P
Why are we doing this?
🧵👇
— NYSE 🏛 (@NYSE) April 12, 2021
Watch: CoinGeek New York presentation, Tokenizing Equity & Debt Instruments
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