Bitcoin On The New York Stock Exchange

Earlier this year, the New York Stock Exchange became a minority investor in US-based bitcoin exchange Coinbase as the company prepared to roll out the first regulated cryptocurrency exchange in the US. Now,

, NYSE's parent company, has created a

featuring data from Coinbase transactions.

The

(NYXBT) was made available on Tuesday and tracks the price of bitcoin in US dollars. While transactions from Coinbase will initially make up the bulk of NYXBT's valuation calculations, NYSE has said it will constantly look for reliable new data sources to include.

The bitcoin index has been heralded by cryptocurrency enthusiasts as a big stepping stone toward mainstream adoption. As the currency gains more exposure in traditional financial arenas like the NYSE, many believe that investors will become more comfortable using bitcoin. Another hope is that the currency will shed its reputation as a tool for illicit criminal actions as more and more institutions treat it as a serious financial instrument.

While bitcoin has had several exciting developments this year, the currency still suffers from wild swings in value which have kept it from being considered as a viable means of payment. While many believe that blockchain, the ledger like technology that bitcoin runs on, will eventually change the way the world processes transactions, bitcoin itself has been slow to catch on due to its volatility.