Business 31 July 2018Erik Gibbs
NASDAQ heavyweights said to be conducting secret crypto meetings
Several NASDAQ executives recently held a “secret” meeting regarding cryptocurrency and the future role it might play in the financial industry. As reported by Bloomberg, the meeting took place last week and involved members of the traditional markets, as well as representatives from the cryptocurrency space. While the outcome isn’t known, it is seen as a step towards digital asset adoption by the financial industry.
The two groups got together in Chicago, where they apparently discussed how crypto regulations will impact the financial ecosystem. They also talked about the regulated digital asset industry is going to need to see advances in surveillance for it to be properly monitored. Bloomberg indicated that NASDAQ could hold similar meetings in the future according to new developments in the crypto space.
The fact that NASDAQ’s CEO, Adena Friedman, is somewhat of a crypto enthusiast only provides more fuel to an eventual rollout of crypto products on traditional financial platforms. She has repeatedly talked up the virtues of digital assets and has begun steps designed to ensure that crypto exchanges advance themselves in a manner conducive to positive acceptance.
Under Friedman’s leadership, NASDAQ entered into a partnership with the Gemini exchange in early July. That partnership will see NASDAQ’s SMARTS Market Surveillance System used to monitor certain cryptocurrencies, and has already been pushed out to five different crypto exchange platforms.
The forward-thinking executive has called crypto the “right next step in the space of currency,” especially for cross-border financial transactions. In speaking with CNN in May, Friedman said, “How it evolves and which of the cryptocurrencies may or may not be the one that ultimately gets embraced, I think that really the jury is still out on that. But I do think the idea of a more globalized payment mechanism that is more efficient than what we have today allows for money to transfer across countries and certainly supports the Internet economy.”
Given the amount of pull that NASDAQ has in the financial sector, it’s nice to see that there are some people high up in the financial world who understand the value of crypto. With NASDAQ as an ally, digital currency is bound to gain significant consumer confidence and continue to be embraced more by individuals and institutions around the globe.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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