SecondMarket Begins Transacting in Bitcoin
News, Trending February 7, 2014 Comments Off on SecondMarket Begins Transacting in Bitcoin 105SecondMarket is now transacting in bitcoin beyond the Bitcoin Investment Trust that required accredited investors to invest at least $25,000. Any bitcoin market players interested in trading blocks of bitcoin can close a block transaction of at least 25 bitcoin in as little as one business day, according to their website.
How Does it Work For Sellers?
1. Complete a New Account Profile (NAP) form
2. SecondMarket notifies you of approval to trade once compliance procedures are completed
3. Negotiate the price with SecondMarket traders (min. transaction size: 25 BTC)
4. Seller sends bitcoin to SecondMarket wallet
5. After 6 confirmations on the blockchain network, a wire is sent to the seller’s bank account
6. SecondMarket provides a FED reference number for tracking purposes
To learn more about buying bitcoin through an investment vehicle, please refer to the Bitcoin Investment Trust
SecondMarket is a registered broker-dealer regulated by the SEC & FINRA. To be eligible to transact with SecondMarket, all new counterparties are required to fill out a new account profile (NAP) form to comply with anti-money laundering (AML) & know your customer (KYC) regulations.
SecondMarket has a long history of trading in alternative assets, such as Auction-Rate Securities, Bankruptcy Claims, Private Company Stock, Illiquid Securitized Products, and other esoteric asset classes. Since the firm’s inception in 2004, Second Market claims to have successfully completed over $20 billion in face value transactions, having worked with some of the largest institutional investors in the world.
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