Adena Friedman, Nasdaq CEO talks about the possibility of becoming a crypto exchange in the future once the crypto market matures out and regulations sets into place. Meanwhile, the second largest exchange has collaborated with the crypto exchange, Gemini. If a big player like Nasdaq gets into the crypto industry, it would affect popular crypto exchanges like Binance and Coinbase adversely.
Nasdaq CEO expresses interest in crypto market
As the cryptocurrency market grows and regulators around the world make their stance clear, the mainstream financial institutions are making plans to leverage the crypto market’s potential. Many big players from the Wall Street and Silicon Valley have already taken baby steps into the crypto market. Another big name expressing its positive intentions towards bitcoin and cryptos is Nasdaq.
According to the CEO of the Nasdaq, Adena Friedman, one of the biggest stock exchanges in the world is open to become a cryptocurrency trading platform, once the crypto space matures. A media source quoted Friedman as saying:
“Certainly Nasdaq would consider becoming a crypto exchange over time.If we do look at it and say ‘it’s time, people are ready for a more regulated market,’ for something that provides a fair experience for investors.”
Apparently, the primary obstruction in the crypto sphere for the institutional investors including Nasdaq is the regulatory part. Friedman believes in order to work on a crypto exchange plan, the details around regulation needs to be smoothed out and laid down. Furthermore, she thinks cryptocurrencies have a bullish future as stated by her:
“I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature. Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly, Nasdaq would consider it.”
Nasdaq indirectly becomes a part of crypto sector
Meanwhile, Nasdaq Inc. is helping out other cryptocurrency exchanges as recently, it partnered with Gemini Trust Co., a digital asset exchange to monitor the trading manipulation. Cameron Winklevoss, the CEO of Gemini stated that the surveillance of Nasdaq “is tried and true technology that’s used by some of the largest exchanges in the world, so it’s an obvious fit.”
This is one of the first partnership of its kind between a renowned and mainstream exchange and a digital asset exchange to safeguard the booming crypto sector.
“Though Friedman was optimistic and bullish towards cryptocurrencies, Nasdaq CEO isn’t much interested in the new crowdfunding source, ICOs. She believes SEC is right with them needing to be regulated.”
Ana Friedman has only expressed an interest in becoming a cryptocurrency exchange in a mature crypto market, but if this scenario does become a reality, it would transform the entire crypto industry.
With such a major player that is the second largest exchange in the world in terms of trade volume, will expose bitcoin and altcoins to a mass audience and will bring exponential liquidity to the crypto market.
However, while Nasdaq’s entry into the crypto market would work in investors’ favor, cryptocurrency exchanges like Coinbase and Binance, that currently captures the major chunk of cryptocurrency market would be ruined. These crypto exchanges are the big players of the crypto market but when it comes to major mainstream players like Nasdaq, many cryptocurrency exchanges will be forced to live hand to mouth.
Do you think, if it would have to happen, the crypto sector is ready for such a big player like Nasdaq? How do you think it will affect the crypto market?
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.