CEO of SecondMarket Barry Silbert told the New York Times last week that the company wants to make Bitcoins an accessible asset class for their investors. Bitcoins is a virtual currency that has only been talked about and elusive for many.
The move to integrate the currency will allow Marketplace SecondMarket to compete directly with Cameron and Tyler Winklevoss’ similar idea, which is an exchange-traded fund exclusively fueled by bitcoins. The Winklevoss twins became famous after their Facebook lawsuit underwent a substantial review process by federal regulators.
The New York Times cited that SecondMarket will immediately raise money because it will be available only to investors who meet a certain wealth threshold set by the Securities and Exchange Commission, which is a $1 million net worth or $200,000 annual income for at least two years.
Currently, around 1.5 billion dollars in value is currently being held in bitcoin around the world, making it a great market for eligible investors.
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