Blokcheyn company from New York SolidX Partners Inc recently received approval of the Securities and Exchange Commission (SEC) to add Bitcoin-trust on the New York Stock Exchange (NYSE).
Founded in 2014, the company SolidX Partners Inc. It manufactures products for the capital market, including on the basis of blokcheyna. Among the company's development - software for storing digital records software, transfers of assets as well as customer data.
The new Trust was named SolidX Bitcoin Trust and has a ticker symbol XBTC. Formed in the current year, the trust is defined as "actively growing company" and in accordance with the law of the workplace has certain privileges when providing statements. According to the data, the trust has no active management.
"The aim of the trust is to provide the holders of shares of the opportunity to profit from the daily change Bitcoins quotes the US dollar, the cost and trust liabilities are measured using TradeBlock XBX index (XBX)", - said in a memorandum to the Securities and Exchange Commission.
Recall that XBX - is calculated in real-time comprehensive index Bitcoin prices, measured in US dollars. Sponsors and partners in a company run by XBX Schvey, Inc., better known in the community as a TradeBlock.
Sponsor of the Trust is a wholly owned subsidiary SolidX Partners Inc. entitled SolidX Management LLC. Administrator Mellon acts of the Bank of New York.
Shareholders are invited "participation in profits and ownership of part of the trust", which implies that every action is part of the trust property, and not the management company, and is not connected with the interests or commitments of any Sponsor or its agents.
In order to achieve the stated objectives of the new Trust intends to "invest a substantial portion of its assets in Bitcoin trading on the US and international markets, as well as on the OTC market, depending on the liquidity and the wishes of the sponsor."
OTC SolidX Management LLC emphasizes the belief that this is where the company may conclude the largest volumes of transactions.
June 30 trust with the direct participation TradeBlock identified seven key areas, which is going to work: Bitfinex, Bitstamp, Coinbase, Gemini, ItBit, Kraken and OKCoin. This BTC-e prednamereno exchange was excluded from this list.
SolidX Management as a sponsor is responsible for purchasing Bitcoins, constitutes the main asset of the trust. That is why, despite the fact that «BTC-e is the exchange with impressive trading volume in US dollars ... it does not comply with regulatory requirements in terms of interaction with their own customers and measures to combat money laundering ... and Sponsor will not cooperate with BTC-e ".
Also Trust from time to time to keep, and the cash that may be required for the purchase Bitcoin, and to pay for the running costs.
The fee for services of the sponsor are deducted from the net income of the trust as a fixed percentage. However, its importance in the explanatory memorandum stated.
"To multipodpisyami transactions were valid and accepted miners, in the unit, they must be valid digital signature", - the document says. In accordance with this, as well as to protect their greatest asset - Bitcoin, the company developed a security plan, including conducting transactions with multipodpisyami protected USB-drives, disaster recovery, and "cold" (ie located outside the computer ) storage wallets.
Such "cold" storage will be located throughout the United States, primarily in the Northeast and Midwest.
The company took care of insurance - theft (up to $ 25 million and $ 100 million in the case of the theft of the "cold" storage), destruction, computer fraud, the loss of private keys, hacker attacks and other possible causes of the loss of Bitcoins. In general, this part of the document provided absolutely everything, except maybe the federal deposit insurance.
Today, the markets that sell Bitcoins, features that do not require compulsory registration by the Securities and Exchange Commission. For example, Bitcoin Tracker One and Bitcoin Tracker EUR, which controls the Swedish company XBT, offer exchange traded notes (ETN), traded on Nasdaq Nordic. Another similar product is Bitcoin Investment Trust (BIT) Barry Silbert - Private Trust, the assets of which are available through the trading platform OTCQX.
As for the resolution of the Securities and Exchange Commission, in addition to SolidX, followed by 3 years ago turned the brothers Cameron and Tyler Winklevoss Twins, representing the Winklevoss Bitcoin Trust. However, one can say that since then they have somehow moved on this issue.
So, 29 June they were introduced in the sixth correction documents. At this time, there was a hitch due to the transition from the Nasdaq on BATS - the largest exchange for ETF in the US and Europe. The Commission also noted that the matter be considered only 22 of August. And now it turns out that playing against the Winklevoss Twins not only time, but also a new trust company SolidX, gets a chance to get ahead of the brothers, having the same SEC approval.