The New York Stock Exchange (NYSE) is taking a giant leap into the world of crypto. They've announced plans to launch cash-settled Bitcoin options, subject to regulatory approval. This move signals a growing comfort level with cryptocurrency on Wall Street, and could open the door for more mainstream investors.

These new options will use the CoinDesk Bitcoin Price Index (XBX) to determine their value. This established index already tracks over $20 billion worth of Bitcoin ETFs, making it a trusted benchmark.

"We're excited to collaborate with CoinDesk Indices," said NYSE's Chief Product Officer, Jon Herrick. "These options will provide investors with a valuable tool for managing risk in the Bitcoin market."

This isn't the NYSE's first foray into crypto. Their parent company, InterContinental Exchange (ICE), already offers Bitcoin futures contracts through ICE Futures Singapore. However, those were physical Bitcoin futures, which haven't gained as much traction as cash-settled options.

The NYSE's move comes on the heels of similar announcements from other major players. The Chicago Mercantile Exchange (CME) recently revealed plans for Bitcoin trading, and BlackRock's IBIT Bitcoin ETF has already amassed a staggering $19.65 billion in assets.

This flurry of activity underscores Wall Street's growing embrace of cryptocurrency. Investors are clearly seeking ways to participate in this booming market, and the NYSE's Bitcoin options offer a new avenue for them to do so.

The NYSE is even exploring environmentally-conscious options. Back in March, they proposed listing a Bitcoin ETF that uses carbon credits to offset the environmental impact of cryptocurrency.

With the launch of Bitcoin options, the NYSE is putting a traditional stamp of approval on the future of crypto. This could be a watershed moment, paving the way for wider adoption and further legitimizing Bitcoin as a viable investment asset.