Nasdaq Deep into Crypto: Powers 7 Cryptocurrency Exchanges
Nasdaq has announced that seven cryptocurrency exchanges, currently only disclosing Gemini and SBI virtual currency, will make use of Nasdaq’s market surveillance technology to negate the risks of fraud and to bring in traditional investors into the crypto-verse.
A team of 20 people at Nasdaq is making sure that these exchanges are vetted so that they are technically adept to use these fraud detection technologies as well as staying morally ethical in using the software.
Tony Sio, Head of Marketplace and Regulator Surveillance at Nasdaq talked to Forbes
“Historically, we don’t do such a large vetting process for our clients because they are much more well-known. But as we started working with less well-known names, startups, then we realized we needed to do this check process.”
He went on to add that his legal team of experts use the best standards to evaluate risk for their clients and the process of approval for these crypto startups is very stringent. They have carefully vetted them on their business model as well as their reputation.
He talks about Cryptocurrencies being the new growing asset class.
“The objective that we’re trying to work with crypto, is we see this as a growing asset class. So we’re working to help provide our technology—it could be around matching, it could be around surveillance—to help our customers as they grow their marketplaces.”
Nasdaq sharing its technical know-how of fraud detection with crypto-startups is a good sign. If we can set the same standards in crypto-trading as that is currently in financial markets, the adoption rate will significantly increase propelling the crypto markets out of this deep crypto-winter.
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