The second-largest stock exchange in the World, NASDAQ, will be acquiring a Swedish exchange platform, this was revealed recently when the company announced its intention to acquire Cinnober. The latter which has been keen on the cryptocurrency sector which qualifies them for institutions to invest in them.
NASDAQ Getting ready for Crypto Trading?
The Swedish pro-crypto exchange’s recent acquisition has identified the company’s interest in cryptocurrency trading. It was also reported that the after the second SEC rejection of the Winklevoss duo’s ETF, the company had a closed-door meeting with some sets of veterans in the cryptocurrency industry. The meeting where participants argued methods to legitimize digital currencies as any other securities product most especially in a way that will catch the fancy of the SEC.
President cum CEO of NASDAQ, Adena Friedman further backed the Cinnober’s BitGo platform as being a well-suited for large institutional investors in NASDAQ, these security and custody solutions with BitGo has made it
“The combined intellectual capital, technology competence and capabilities of Cinnober and our Market Technology business will expand the breadth and depth of our fastest growing division at NASDAQ. Not only have the global capital markets continued to evolve rapidly, new marketplaces in various industries are demanding market technology infrastructure that enables rapid growth and scale as well as access to tools to promote market integrity. This acquisition will enhance our ability to serve market infrastructure operators worldwide, and will accelerate our ability to expand into new growth segments.”
The In-house Solutions
According to reports, the company here (Cinnober) has developed in-house solutions and made some technology acquisition. All these attributes made it a suitable option for NASDAQ Corporation.
Also, these companies are not in a lone race in the financial sector as we have witnessed even more prominent actors in the finance scene on a race of developer regulated and clearly audited custodian solution which includes the Bank of America (BOA) and Citigroup.