Nasdaq is reportedly the latest Wall Street giant to be mulling a ‘straight move’ into the cryptocurrency space. An article from TheIcoJournal published today suggests that Nasdaq and Gemini are planning a ‘joint venture’ that allows both ‘exchanges’ to list tokens and provide liquidity on a global scale.
The new exchange could dampen Winklevoss twins efforts to create bitcoin-based ETFs, which have run into roadblocks.
According to unnamed sources, the crypto-focused website says the partnership will see Nasdaq ultimately listing top market cap coins for global trading.
“There is a timeline forming for this decision and it could be earlier than some might think. Nasdaq wants to plant a flag in the ground no different than Intercontinental (ICE), CBOE, CME, all of them,” the report states.
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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.
Also last month, Nasdaq hosted a meeting in Chicago where about half a dozen cryptocurrency and mainstream companies discussed ‘how to encourage the cryptocurrency industry to do [a] thing that will improve its image and validate its potential role in global markets.’
Nasdaq has already collaborated 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-related funds.
Earlier this month, Georgia-based Intercontinental Exchange, the parent company of the New York Stock Exchange said it would launch a futures exchange for digital assets that will include the first regulated, physically-delivered bitcoin futures contracts next November. The mainstream, established futures exchanges, including those run by Cboe Global Markets and CME Group, already offer bitcoin futures, but they are cash settled, meaning the actual cryptocurrency does not change hands.