New York Stock Exchange operator gets into cryptocurrency

Intercontinental Exchange, which owns the New York Stock Exchange, is opening a new cryptocurrency management company, according to the Verge.

Why it matters: The new company, Bakkt, could lend some legitimacy to cryptocurrency, which has "been marred by hoaxes and even reports of price manipulation," per the Verge. The Swiss investment bank UBS published a report concluding that the price of a single coin would need to sit around $213,000 for Bitcoin to be viable as a money supply; it currently sits at $7,000.