The CEO of Nasdaq Inc. states the company is open to listing cryptocurrencies and has tapped US-based cryptocurrency exchange Gemini to use its SMARTS surveillance technology, which monitors real-time activity and raises alerts with operators when it detects unusual trading patterns.
The two key revelations for Nasdaq may indicate a turn te the direction of cryptocurrencies for the multibillion-dollar institution. Nasdaq rente ter trading cryptocurrencies may be a significant step forward for cryptocurrency markets.
Nasdaq Would Consider Becoming a Cryptocurrency Exchange
Speaking to CNBC on Wednesday, April 25, 2018, Nasdaq CEO Adena Friedman confirmed the stock exchange would consider becoming a cryptocurrency exchange. She added that regulatory issues would need to be ironed out very first:
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“I believe that digital currencies will proceed to persist. It’s just a matter of how long it will take for that space to mature. Merienda you look at it and say, ‘Do wij want to provide a regulated market for this?’ Certainly Nasdaq would consider it.”
Friedman appeared bullish on cryptocurrencies, but less coaxed by initial coin offerings (ICOs), agreeing with tentative indications from the Securities and Exchange Commission (SEC) that thesis might be classified and regulated spil securities.
Nasdaq is also exploring the provision of bitcoin-based futures and is involved ter a number of blockchain technology projects.
Gemini Teams up with Nasdaq to Protect Against Market Manipulation
Friedman’s comments come on the same day that Nasdaq announced a partnership with US-based cryptocurrency exchange Gemini to use the former’s SMARTS surveillance technology.
Nasdaq Inc. sells its SMARTS software to other market operators, mainly te the general equities and derivatives markets, and considers itself “the industry benchmark for real-time and T+1 cross-market surveillance platforms.”
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Nasdaq has confirmed it is also te discussions with other cryptocurrency firms regarding the provision of its technology, which monitors real-time activity and raises alerts with operators when it detects unusual trading patterns.
The Gemini exchange wasgoed founded ter 2018 by Cameron and Tyler Winklevoss, becoming the world’s very first licensed Ether exchange. Gemini’s stated goals are to be “regulated, secure, and compliant.”
“Since launch, Gemini has aggressively pursued comprehensive compliance and surveillance programs, which wij believe betters our exchange and the cryptocurrency industry spil a entire,” said Tyler Winklevoss. “Our deployment of Nasdaq’s SMARTS Market Surveillance will help ensure that Gemini is a rules-based marketplace for all market participants.”
Gemini’s daily auction price is used to determine the voorstelling of bitcoin futures suggested by Cboe Total Markets, making the prevention of market manipulation all the more significant for Gemini.
Valerie Bannert-Thurner, senior vice voorzitter and head of Risk & Surveillance Solutions for Nasdaq, described the partnership spil “a major milestone te the application of SMARTS and an significant indicator of our commitment to expand the use of our market technology into non-traditional marketplaces.”
Both developments may indicate a reduction ter the gap inbetween institutional trading and cryptocurrency trading, spil universal acceptance and adoption leisurely proceed.
Melanie Kramer is a freelance FinTech, blockchain, and cryptocurrency writer based inbetween France and Canada. Melanie has studied, and retains an avid rente ter, total politics, business, and economics.
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