Nasdaq, has announced through a press releaseof a full-stack cryptocurrency ecosystem. The second largest stock exchange in the world will do this by allowing crypto trading platform, Bcause LLC to use its trade matching technology.
Declared as a world’s first, Bcause LLC will be launching the exchange in the coming months. It has already applied for an approval by the U.S. Commodity Futures Trading Commission (CTFC) and will launch the platform in the first half of this year. The platform will be operating Nasdaq’s own matching engine, using a clearing and market surveillance technology through Nasdaq’s own financial framework platform.
When CTFC gives its approval, Bcause will be totally vertically integrated, serving as a one stop shop for all crypto related activities. It already has a digital mining system active since February last year and spot trading. The future and derivative trading and clearing will complete the last step.
Nasdaq’s matching engine and other technologies powering the platform are to ensure that it is one of the most regulated and controlled in the world. Nasdaq’s surveillance technology will allow it to detect any sort of market manipulation or misconduct and take necessary actions.
SVP and Head of Marketplace Operators & New Markets, Market Technology, Nasdaq, Paul McKeown, said, “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” and “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”
Nasdaq is the one of the leading global trading platform and the second largest stock exchange. With an approximately market value of USD 15 trillion, it takes pride in using the latest and securest financial tools and technology. It already licenses out ist technology to more than 250 organizations in the world in over 50 countries
Its interest in decentralized technology such as blockchain is no secret. It has been warming up to it and had announced plans to use it. Last year it had announced it will be launching Bitcoin Futures. The powering of Bcause LLC is in this regard.
Nasdaq’s CEO Adena Friedman, had said at the start of the yearthat cryptocurrencies should be given “an opportunity to find a sustainable future in our economy.”