New York City’s stock exchange is set to launch a $6 billion fund that would invest in the bitcoin blockchain.
The New York Times first reported the news earlier this week.
The fund will be the first in the United States to invest in a company using the bitcoin network.
The New York-based exchange, however, will not disclose how much of the fund it will invest.
The fund will help companies like BitPay, Coinbase, and Chain to scale up their bitcoin-based payment services.
Bitcoin transactions are now processed in a fraction of a second on the New York stock exchange.
“The NYSE will invest in blockchain startups in order to improve the efficiency of the stock exchange,” the company said in a statement to the Times.
The announcement comes on the heels of a $1.5 billion investment in bitcoin-backed startup Coinbase.
The NYSAX fund will fund blockchain startups that will create new applications and services for the exchange.
In addition to the New Jersey-based bitcoin exchange, the fund will also fund bitcoin payment solutions like Bitpay and Coinbase.
The bitcoin exchange rate has skyrocketed in recent months, with the price of a bitcoin rising to more than $1,300 in late November.
The plan is to provide equity and a slice of the profits from the fund to the companies that use the bitcoin infrastructure.
The funds will also be able to invest back into the exchange to provide an additional layer of liquidity.
Coinbase and BitPay are the two biggest bitcoin companies in the world, according to a 2015 Forbes report.
The two companies also offer services like mobile payments and decentralized financial services like bitcoin, the New Yorker reports.
The bitcoin ecosystem has exploded in the past few years, with companies like Coinbase, BitPay and others trying to make money off the digital currency.
In the last month, Coinbase raised $4.8 million in funding and Bitpay raised $2.5 million.
In October, Bitpay announced a partnership with Google Ventures to build an app for merchants.
In a statement, Bitpow founder Fred Ehrsam said the startup hopes to help people make payments faster and better than ever before.