The world’s second largest stock exchange has announced the upcoming release of what it is calling the “world’s first full-stack cryptocurrency ecosystem”.
Crypto startup Bcause LLC, using Nasdaq’s market surveillance tech, is planning to launch its spot cryptocurrency market in the next months, with a derivatives exchange application currently pending approval with the US Commodity Futures Trading Commission (CFTC).
Until recently, Nasdaq’s primary interest in this area has been in blockchain. In September 2015, it joined a USD 30 million investment round in Chain, a blockchain startup that then partnered Nasdaq to launch Linq, a private equity platform.
Nasdaq’s team of specialists monitor all exchanges wishing to use the surveillance technology for both technical capability and ethics. To date, seven crypto exchanges have satisfied its stringent guidelines, although only the connection with Gemini and SBI Virtual Currency has been made public so far.
The exchange also made clear its Bitcoin futures program at the end of last year as coming online in 2019 when vice president of Nasdaq’s media team Joseph Christinat said:
“Bitcoin Futures will be listed and it should launch in the first half of next year – we’re just waiting for the go-ahead from the CFTC but there’s been enough work put into this to make that academic.”
On the current surveillance technology, Bcause CEO Fred Grede said that the Nasdaq-powered tech would help Bcause monitor its markets for “manipulative activities, among other misconduct, thereby creating a safer spot and derivatives market for all participants.” The company’s planned crypto ecosystem will include features such as mining facilities, a spot market, a regulated derivatives exchange, and a regulated clearinghouse.
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