Nasdaq, the second largest stock exchange in the world, and Bcause LLC, the creator of the world’s first “full-stack cryptocurrency ecosystem” have issued a statement that Bcause will be availing itself of Nasdaq’s proprietary order matching engine.
In addition, Nasdaq’s clearing and “market surveillance” technology will be made available to Bcause’s market via the Nasdaq Financial Framework platform. Based on the report, the first half of this year has been scheduled for the launch of the proprietary digital asset technology platform. It is worth noting that Bcause’s spot cryptocurrency market will also launch in the same time frame.
Bcause has submitted an application with the US Commodity Futures Trading Commission to “become a designated contract market (DCM),” and has also petitioned the federal regulator to allow it to open a “derivatives clearing organization (DCO).”
The “One-Stop Shop” Crypto Platform
The full-stack cryptocurrency platform alongside the market offerings linked to it is expected to be powered by Nasdaq’s infrastructure technology and to become a one-stop shop for all aspect of the digital assets value chain. This includes crypto assets spot trading desk, a “futures market, and a derivatives clearinghouse,” and a crypto mining facility. As mentioned earlier, Bcause is working towards securing regulatory approval so that these products and services can be offered to consumers.
The surveillance technology of Nasdaq, according to the press release, has been equipped “to ensure that surveillance protocols fit the needs of a crypto marketplace.” Bcause’s management will utilize the surveillance tools to prevent any wrongful practice and to monitor trading on the platform.
Bcause to Become a Trading Attraction
Talking about the Venture, the CEO of Bcause, Fred Grede, said:
“We have tremendous respect for the Nasdaq brand and are honored that we can deploy these robust, tried-and-tested platforms – customized to our unique markets – as the foundation of our technology. I fully expect that our markets will attract a broad range of users, from those who are already quite active in the financial markets and familiar with Nasdaq technology, to a new breed of investors wanting to participate in the growing cryptocurrency marketplace.”
Nasdaq’s senior vice president and head of marketplace operators, Paul McKeown, stated:
“Bcause has methodically built a unique ecosystem that gives investors, partners, and market players a holistic experience in tapping the cryptocurrency market and value chain.”
McKeown further stated that by making use of Nasdaq Financial Framework, Bcause would have access to the “scalability and modular functionality to introduce new micro-services.” This will enable the firm to expand its product offerings to meet industry demand while encouraging “the evolution of the digital assets economy,” he said.