It would appear as if the SecondMarket online illiquid asset marketplace has opened its doors to many more investors with the opening of a full-service trading platform.
Investors seeking to buy and sell in blocks of 25 BTC (over $12,000 USD at the current exchange rate) can enjoy personalized customer service and transactions that close in about one business day, according to the company’s trading website.
Investors looking to get involved will be required to complete a NAP (new account profile). Following approval to trade, SecondMarket will negotiate between buyers and sellers.
For sellers, when a rate is agreed upon, the seller will send his/her bitcoins to a SecondMarket wallet. Once the transaction has received six confirmations on the network, SecondMarket will wire funds to the seller’s specified bank account.
For buyers, funds are sent to SecondMarket (along with a wallet address), and once a price is agreed upon, SecondMarket deposits the bitcoins into the specified bitcoin wallet.
This is a great opportunity for individuals and institutions looking to enter the bitcoin game. With large amounts of money at stake, one can’t simply trust any exchange. If you need proof, just look at what happened with Mt. Gox, who lost over 700,000 BTC of customer funds.
SecondMarket is considered to be a reliable and trustworthy platform (fully compliant, too), and as such, investors will likely feel more at-east and comfortable making trades.
Interested parties can get more information about trading on the SecondMarket platform here.