Nasdaq, the second-largest stock exchange in the world, has suggested that it could foresee opening its own cryptocurrency exchange in the future.

During an interview with CNBC on Wednesday, Nasdaq President and CEO Adena T Friedman raised the idea that Nasdaq would consider it. She remarked:

“Certainly Nasdaq would consider becoming a crypto exchange over time…I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature.”

Nasdaq is already supporting cryptocurrency exchanges and the company is certainly not new to cryptocurrency’s underlying technology blockchain. Apart from its long-term relationship with blockchain startup, Chain, it has recently announced a collaboration with cryptocurrency exchange Gemini.

Although Nasdaq doesn’t have a cryptocurrency exchange mechanism it does have a Bitcoin futures contract in hand and the company has suggested that is willing to trial blockchain technology in its equity marketplace. The company was awarded a patent in October for a data-matching system that employs blockchain as a means to track trades and clearing positions.

It has been suggested that any announcement that Nasdaq would enter the cryptocurrency arena would offer more legitimacy to the digital currency industry, and therefore increase its acceptance amongst the public. Its own cryptocurrency exchange is also likely to encourage a higher level of trust in cryptocurrency amongst those who already trade elsewhere on its platform.

Joseph Weinburg, OECD Think Tank Special Advisor, and Shyft Chairman suggested that Nasdaq should definitely trade in Cryptocurrency:

“… this could be a great thing! Regulation, again, is a massive roadblock to something like this happening. You need to solve and create an informed model on self-regulation. By that, I mean how do you operate a bitcoin “marketplace” while at the same time enable a security token exchange… It’s not an easy process, but the entity that cracks it unlocks the holy grail in completing the bridge between traditional and the crypto ecosystem.”

Nasdaq President Freidman suggests waiting for cryptocurrencies to “mature,” but other major exchanges around the world are clearly thinking of making the move early. The Moscow Stock Exchange said last year that it was building a platform to allow for trading once regulations are in place, and the German Stock Exchange Boerse Stuttgart plans to launch its own cryptocurrency application in the autumn.

source/side hustle coach   https://pixabay.com/en/new-york-city-wall-street-832756/

 

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