Nasdaq Gathers Crypto, Mainstream Exchanges to Help Legitimate Sector

Representatives from traditional exchanges, Gemini, and other crypto venues met in a closed-door meeting earlier this week to discuss US operators’ roles in monitoring and policing the fast-growing cryptocurrency industry.

According to a Bloomberg report, Nasdaq hosted the meeting in Chicago where about half a dozen cryptocurrency and mainstream companies discussed 'how to encourage the cryptocurrency industry to do thing that will improve its image and validate its potential role in global markets.'

The Nasdaq spokesman declined to give further details, but the announcement underscores how US blue-chip trading venues are grappling with the frenzy over Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, just months after the launch of the world’s first bitcoin futures.

The news is noteworthy as the second-largest exchange in the world is already supporting existing crypto exchanges which lends more credence to that notion. Further, the Nasdaq-powered exchange, DX Exchange, went on a marketing blitz and managed to onboard 500,000 registered users.

Similar gatherings to follow

In the same context, Nasdaq has recently announced a collaboration with cryptocurrency exchange Gemini, which attended the meeting, to tap its SMARTS Market Surveillance, an industry benchmark technology used across Wall Street, to add more security and identify criminal trading behavior in its venue. It also partnered with San Diego based ETF firm, Reality Shares, to launch two Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-related funds.

The meeting, which will not be the last of this nature, the source said, is the latest sign that crypto startups are aiming to move closer to the mainstream, at least to mollify regulators’ anxieties. With regulatory clampdowns looming now and then, the operators have become forward-thinking and are taking a proactive approach.

Meanwhile, the US cryptocurrency community has been concerned that the regulators are gearing up to classify the digital assets as securities, as opposed to being utility tokens. The security classification would have dramatic effects on the emerging sector with strict regulations on taxes and even who are legally allowed to transact in cryptocurrencies.