A former NYMEX president plans to create a cryptocurrency exchange for institutional investors and broker-dealers. The new exchange will be based in Chicago and will operate with large cryptos, like Bitcoin and Ripple.
J. Robert Collins Jr., who served as president of the New York Mercantile Exchange (NYMEX), wants to create a cryptocurrency exchange firm for brokers and professional investors interested in trading digital currencies like Bitcoin or Ripple, Bloomberg reports.
The San Juan Mercantile Exchange, as the venture is called, is expected to launch in October of this year. Collins revealed that his new entity is meant to increase reliability in the cryptocurrency space, something that most of the current exchanges cannot achieve.