Nasdaq open to cryptocurrency exchange in future, says CEO

Bitcoin Cryptocurrency Exchange Gemini Joins Nasdaq to Surveil for Market Manipulation Thomas Delahunty

Bitcoin Cryptocurrency Exchange Gemini Joins Nasdaq to Surveil for Market Manipulation Thomas Delahunty

The Nasdaq may not be moving to directly list cryptos on its exchange they are offering support via collaboration to exchanges that DO already facilitate traders looking to trade Bitcoin.

"Over time, though, if we do look at it and say, 'it's time, people are ready for a more regulated market, ' for something that really provides a fair experience for investors, certainly Nasdaq would consider becoming a crypto exchange - over time".

Nasdaq CEO Adena Friedman says the company is open to trading cryptocurrencies, but wants to see the market mature a bit more before establishing a platform.

"Over time, if it ultimately does morph into a regulated environment, it does give us an opportunity to participate as a marketplace, but I think that is a longer road and it doesn't have a certain path right now", she said.

Nasdaq now uses this technology to monitor its marketplaces for abnormal activity.

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The Gemini exchange was founded in 2015 by Cameron and Tyler Winklevoss, becoming the world's first licensed Ether exchange. "To that end, we are excited to announce that over the coming months we will be implementing Nasdaq's SMARTS Market Surveillance technology to monitor our marketplace".

That is part of the appeal to many early adopters but would have to change in order for Nasdaq to operate a cryptocurrency exchange, Friedman said. Gemini's stated goals are to be "regulated, secure, and compliant".

Further, the surveillance technology will also be used to oversee activity across Gemini's auction process wherein data gathered is used by Cboe's CFE Exchange to determine the settlement price for Bitcoin futures contracts.

Gemini chief executive Tyler Winklevoss said the move is part of the exchange's efforts to maintain a fair market. "This is a major milestone in the application of SMARTS - and an important indicator of our commitment to expand the use of our market technology into non-traditional marketplaces, as well as new frontiers beyond the capital markets".

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