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wilslaw

Nasdaq to deploy its platforms for crypto

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Bloomberg, on 1st November, cited an unpublished internal document which revealed that: Nasdaq (U.S stock exchange) is set to bring to the cryptocurrency asset industry, its vast experience.

 

The company talking about the possibility of detecting manipulation of markets and other related scams using its expertise, referenced its ability to meet this need with the industry standard of “surveillance teams that monitor activity constantly and advanced technologies to help capture and analyze abusive behaviors including pump-and-dump schemes, insider trading, wash trading as well as spoofing and layering.”

 

The Attorney General of New York gave a report recently on the state of cryptocurrency exchanges which revealed a large variance in the maturity of exchanges surveyed, and gave details of what would be accepted. Crypto asset's exchanges will benefit from Nasdaq's tools as it will help them move toward Institutional standards. 

 

Last month, CryptoGlobe reported that Nasdaq has been flirting about listing cryptocurrency assets itself on its own exchange from 2019. Already, the company supports the Gemini cryptocurrency asset exchange with its technology, and this summer, a closed-door meeting was held by the company to talk about the emerging asset class. In this meeting, Adena Friedman  (CEO of Nasdaq) said that cryptocurrencies are “the right next step in the space of currency.”

 

In this regard, Nasdaq has partnered with Microsoft, where the Azure blockchain of Microsoft will be integrated by Nasdaq into its financial framework. With this partnership, Nasdaq will be prepared to integrate other blockchain platforms into its own software.

 

Institutions are coming to cryptocurrencies
This activity is coming as growth of Institutional interest in crypto assets increases. Importantly, 12th of December has been fixed as the date the Bakkt bitcoin futures contracts will go live, making it possible for Institutional Finance to invest freely on a U.S government regulated exchange. These contracts will be settled physically, which indicates that buyers will be able to obtain their Bitcoin’s private keys.

 

This means that Nasdaq will be open to more business; in every one or two weeks, they are approached by new firms seeking to be actively involved in the cryptocurrency asset industry.
 

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