Nasdaq To Acquire Crypto-Friendly Swedish Exchange Cinnober
Nasdaq is the leading market technology and second-largest stock exchange in the world. On Friday, it announced that it is working hard to acquire a trading solution provider Sweden-based Cinnober. Cinnober makes it easy for the institutions to invest in them because it has a past for bullishness towards digital assets. Partnership with BitGo is one such effort of Cinnober. BitGo has built acquisitions and partnership over the past and has helped it to firm up its mission.
The latest acquisition of Nasdaq highlights its taste for cryptocurrency trading. On the heels of the SEC’s second rejection for the Winklevoss twins’ ETF, the CCN reported that Nasdaq held a closed-door meeting with the experts of cryptocurrency industry. For large institutional investors in Nasdaq, Cinnober’s BitGo platform is well-suited. The custody solution and the multi-signature security with BitGo have made it popular in the space.
Nasdaq’s President and CEO, Adena Friedman said, “The combined intellectual capital, technical 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, but new marketplaces in various industries are also 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.”
Cinnober is considered as a prime candidate for the tech-heavy Nasdaq Corporation as it has developed technology acquisitions and in-house solutions. The cryptocurrency custodian service of Cinnober’s will be one of the most coveted arms of the acquisition. Its acquisition is expected to deliver attractive shareholder returns along with a combination of its largely-recurring revenue base.
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