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Nymex Veteran Targets Institutions With Cryptocurrency Exchange

March 12, 2018, 4:10 PM

The lucrative market for cryptocurrency exchanges may soon have some competition for institutional investors.

J. Robert Collins Jr., the former president of the New York Mercantile Exchange, plans to launch the San Juan Mercantile Exchange in October as a venue for broker dealers and other professional investors to trade digital assets such as Bitcoin and Ripple. The venture is an attempt to bring a level of reliability that the legions of cryptocurrency exchanges have struggled to achieve, Collins said in an interview.

From Coinbase Inc.’s GDAX to Kraken, the biggest venues have suffered crashes during periods of high volume, and ...