Nasdaq recently commented that it might consider a cryptocurrency exchange in the future and now it appears that it’s putting its weight behind three major cryptocurrencies, Bitcoin (BTC), Litecoin (LTC) and Stellar (XLM) according to FX Empire.
An article published on the Nasdaq website suggests that these three coins may be able to withstand future market turmoil if it transpires. This news is not completely unexpected as it appears that Nasdaq has been considering an exchange and its own cryptocurrency for some time.
During an interview with CNBC last month, Nasdaq president and CEO Adena T Friedman raised the idea that Nasdaq would take this route. 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 blockchain technology. Apart from its long-term relationship with blockchain startup Chain, it has recently announced a collaboration with cryptocurrency exchange Gemini.
The New York stock giant is not the first exchange to be approached by Stellar after the blockchain company registered with Hong Kong’s OKex exchange and then formed a partnership with IBM in order to enable cross-border transfers through the South Pacific, Australia and New Zealand. Also, it’s been reported that the Kik messenger platform using the Stellar blockchain can enhance service performance.
Litecoin is favored by Nasdaq due to its compatibility with Blocknet, allowing it to become a cross-blockchain decentralized app, enabling payment processors to accept the coin as a medium of exchange and facilitating payment to be paid in other currencies. Also, when payments are accepted in other currencies it will become possible to accept them in Litecoin.
Another factor working in Litecoin’s favor is an announcement from leading digital currency wallet Abra, that it plans to list the virtual currency. According to Abra CEO Bill Barhydt, the wallet will support deposits and withdrawals to be made in Litecoin.
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… 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.”
It has been suggested that any announcement that Nasdaq would enter the cryptocurrency arena would offer more legitimacy to the digital currency industry, and it appears that it is about to make its first step down that road.
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