Chain Issues Shares on the Nasdaq Blockchain Platform It Helped Create
- In an announcement, Nasdaq touted the move as the "first-ever private securities issuance documented with blockchain technology."
Chain, the startup helping Nasdaq build its blockchain-powered securities platform, has issued shares on it.
Chain, previously engaged in providing Bitcoin 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 data and API services, has shifted focus towards developing blockchain solutions for capital markets during the past year. It recently discontinued its free API service.
Bitcoin's blockchain and other distributed ledger systems inspired by it are envisioned to streamline the settlement process of securities trades and fiat Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.
Nasdaq partnered with Chain to develop the platform, later named 'Linq', that is currently being piloted on Nasdaq's Private Market. The market facilitates the exchange of pre-IPO shares, whose settlement is said to have been facilitated by lawyers manually entering data into Excel spreadsheets.
Nasdaq is also one of the main backers behind Chain's recent $30 million funding round, which stands as the largest investment in a crypto startup since April.
In an announcement, Nasdaq touted the move as the "first-ever private securities issuance documented with blockchain technology." It noted that the transaction significantly reduced settlement time and eliminated the need for paper stock certificates.
Nasdaq CEO Bob Greifeld said the transaction "marks a major advance in the global financial sector and represents a seminal moment in the application of blockchain technology."
He further stated: "Through this initial application of blockchain technology, we begin a process that could revolutionize the core of capital markets infrastructure systems. The implications for settlement and outdated administrative functions are profound."
The project's initial target was to successfully pilot Private Market share transfers by the end of this year, so the transaction may be viewed as a fulfillment of this goal. If the pilot is successful, Nasdaq is considering building out the technology for its main exchange.
Chain isn't the first to claim such a feat. Overstock.com has also been issuing securities over its blockchain-powered tØ platform, which was recently approved by the US Securities and Exchange Commission (SEC) for a larger securities issuance.
Chain, the startup helping Nasdaq build its blockchain-powered securities platform, has issued shares on it.
Chain, previously engaged in providing Bitcoin 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 data and API services, has shifted focus towards developing blockchain solutions for capital markets during the past year. It recently discontinued its free API service.
Bitcoin's blockchain and other distributed ledger systems inspired by it are envisioned to streamline the settlement process of securities trades and fiat Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.
Nasdaq partnered with Chain to develop the platform, later named 'Linq', that is currently being piloted on Nasdaq's Private Market. The market facilitates the exchange of pre-IPO shares, whose settlement is said to have been facilitated by lawyers manually entering data into Excel spreadsheets.
Nasdaq is also one of the main backers behind Chain's recent $30 million funding round, which stands as the largest investment in a crypto startup since April.
In an announcement, Nasdaq touted the move as the "first-ever private securities issuance documented with blockchain technology." It noted that the transaction significantly reduced settlement time and eliminated the need for paper stock certificates.
Nasdaq CEO Bob Greifeld said the transaction "marks a major advance in the global financial sector and represents a seminal moment in the application of blockchain technology."
He further stated: "Through this initial application of blockchain technology, we begin a process that could revolutionize the core of capital markets infrastructure systems. The implications for settlement and outdated administrative functions are profound."
The project's initial target was to successfully pilot Private Market share transfers by the end of this year, so the transaction may be viewed as a fulfillment of this goal. If the pilot is successful, Nasdaq is considering building out the technology for its main exchange.
Chain isn't the first to claim such a feat. Overstock.com has also been issuing securities over its blockchain-powered tØ platform, which was recently approved by the US Securities and Exchange Commission (SEC) for a larger securities issuance.