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wilslaw

Bcause to launch its spot Cryptocurrency Trading using Nasdaq’s platform

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It was recently announced that, Bcause (cryptocurrency ecosystem developer) has plans to make use of the Financial Framework platform of Nasdaq. Grede (CEO of Bcause) has revealed that, as part of its ecosystem, Bcause is making use of Nasdaq's platform to launch its spot trading crypto market. Grede explained: "This is a pure technology licensing agreement, so what we're licensing is their order entry platform, their trade matching system, their clearing systems and their market surveillance systems.”

 

Grede noted that the system of Nasdaq has seen considerable worldwide usage. Grede said:

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I've probably installed this system five times all over the world, in Hong Kong, in Bangkok. It's world-class technology. That's the best way I can put it. He also added that “Bcause views Nasdaq's technology as an advantage in terms of what is currently available in crypto for institutional and professional traders.

 

Grede also said that, Bcause will launch spot trading on Nasdaq's platform in a strategic move, with its sights set on derivatives and futures trading down the road. Grede said:

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We feel there's a lot of issues in the crypto market today, and if we could get a foothold in spot trading, that's immediate delivery versus payment. Then obviously we need CFTC [Commodity Futures Trading Commission] approval for derivatives trading and for clearing, and those applications are in process with the CFTC, but we just feel its better strategically to get a toehold in spot trading that we can leverage into derivatives trading.

 

Also, Bcause recognizes the required regulatory procedures concerning its spot trading, Grede mentioned. Spot trading requires a FinCEN registration, and applies to individual state regulations, he explained, adding:

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You need money transmitter licenses because you're exchanging U.S. dollars for crypto, so you actually have to go to all 50 states to get approval to operate as a money transmitter in those 50 states. We won't have all 50 by the time we launch, but we'll probably have 25 or 30, and I think there's five or six where you don't need any kind of a license to do it, but [...] there is no federal regulatory scheme over spot trading of crypto today.

 

Nasdaq also sees Bcause as a notable player in the space. Paul McKeown (Nasdaq senior vice-president) made a statement that: “Bcause has methodically built a unique ecosystem that gives investors, partners and market players a holistic experience in tapping the cryptocurrency market and value chain [...] By leveraging the Nasdaq Financial Framework, Bcause will have the scalability and modular functionality to introduce new micro-services and expand its business offerings to meet industry demands and the evolution of the digital assets economy.”

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