Today the New York Stock Exchange launched the NYSE Bitcoin Index (NYXBT), a benchmark for the daily price of bitcoin. NYXBT represents the U.S. Dollar value of one bitcoin, based on transactions occurring on Coinbase Exchange and other select bitcoin exchanges.
The New York Stock Exchange administers some of the world’s most important indices, including gold and LIBOR. The creation of NYXBT represent a significant step forward in the continued adoption of Bitcoin and related payment technologies into the financial system. Earlier this year, the NYSE along with Spanish bank BBVA, USAA, and former Citigroup CEO Vikram Pandit participated in Coinbase’s record series C fundraise of $75M.
The NYXBT will publish a daily value for one bitcoin in U.S. Dollar terms at 16:00 London time, the FX industry standard for marking rates. You can learn more about NYSE’s announcement and the NYXBT here.
Our goal at Coinbase is to make payments more open and efficient around the world and today’s announcement will help bring further transparency to the Bitcoin ecosystem. If you haven’t already, start trading today on Coinbase Exchange.