If you’re not familiar, NASDAQ is the second biggest stock exchange in the world. Based in the United States, NASDAQ has a market capital of $10 trillion and approximately 3,300 listings. It is second to the New York Stock Exchange, therefore any mention of NASDAQ and cryptocurrency should be seen with an air of optimism.
According to a number of reports, last week, NASDAQ officials held secret meetings with a number of companies, including a number of prolific figures within cryptocurrency. Some such figures included the Winklevoss twins, who have made numerous headlines of late as a result of their failed Bitcoin Exchange Traded Fund application.
According to Bloomberg:
“The focus of the gathering, this person said, was to encourage the industry to do things that will improve its image and validate its potential role in global markets. Among topics discussed were the implications of future regulation for cryptocurrencies, what the necessary tools are and what surveillance will be needed. Nasdaq Chief Executive Officer Adena Friedman has been outspoken about the need for regulation, with her firm now partnering with a number of exchanges to do help on several of these issues.”
See the full article for yourself, here.
We want to ask exactly what this revelation could mean? Of course, those close to the source aren’t going to disclose full details of the meetings, therefore the notion that this was just to help streamline the potential role cryptocurrency can play in global markets is probably just a bit of a distraction.
Perhaps NASDAQ are taking steps to actually produce a cryptocurrency exchange, perhaps not one integrated into NASDAQ but one which exists alongside. NASCRYPT, how’s that for a name?
As a powerful entity, NASDAQ have a lot of power and thus, such an exchange would come with heavy regulation, regulation that indeed could go on to inform US authorities of a clear strategy for when it comes to cryptocurrency across the United States. Moreover, rules set out by NASDAQ are likely to be followed by a number of other exchanges worldwide, in order to extinguish the competition proposed by NASDAQ.
At the very least, it is great that NASDAQ are getting together, with experts to help map out the potential future for cryptocurrencies. By knowing what might happen within our future and how crypto can fit in, NASDAQ can inform us just what to expect and can also take steps to ensure that economically, the world remains secure given a large rise in crypto popularity.