Weekly Recap: Nasdaq Goes Blockchain, BitGold Pops But GBTC Calms

Progress on blockchain technology's quest to make it into the mainstream has continued to dominate headlines.

Progress on blockchain technology’s quest to make it into the mainstream has continued to dominate headlines, with Nasdaq becoming the latest heavyweight to report its interest last week.

The world’s second largest stock exchange by traded volume is trialing the technology on its Private Market to see if it can streamline the settlement process of pre-IPO shares. If successful, the technology can one day be adapted to its main exchange. Nasdaq joins a number of financial institutions with similar plans.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

There was also further progress seeing Bitcoin companies become available for public trade. Canada-based BitGold began to trade on the TSX Venture Exchange as XAU, gaining as much as 70% to $4.48.

Suggested articles

ACY Securities Asia Trading Cup Returns for 2nd YearGo to article >>

Shares of Bitcoin Investment Trust (BIT), traded on the OTC Markets as GBTC, finally began to gravitate toward fair value. They closed the week at $38.00, matching lows last seen when trade opened two weeks ago. They still trade at a sizeable premium relative to the price of their underlying bitcoin.

Secretive startup 21 Inc gave a glimpse into its plans, reportedly partnering with tech giants Qualcomm and Intel to eventually produce everyday devices capable of mining bitcoin. The devices would be given away to consumers for free, with 21 Inc preserving a portion of mining revenues.

Bitcoin prices again paid little attention to the innovation taking place with their parent technology, as has also become the recent trend. They continued some of their flattest trade this year, barely budging from $240. Altcoin interest and trading continued to wane, Dogecoin resurfacing as one of the few exceptions.

Got a news tip? Let Us Know