Various Nasdaq executives decided to hold a secret meeting with experts from several leading crypto exchanges to discuss cryptocurrency itself and the role it may play in the financial sector.
The meeting took place in Chicago last week, but the outcome has not been revealed, according to Bloomberg. The clandestine gathering has been seen as a positive move towards the adoption of crypto by the financial industry.
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The Nasdaq experts and crypto representatives spoke of regulating the crypto space, and how that would impact the financial ecosystem, as well as the need for advances in proper surveillance and monitoring of the crypto sector after it becomes regulated, an unidentified Nasdaq spokesperson revealed.
Nasdaq surveillance technology
According to the Bitcoin Exchange Guide, cryptocurrency exchanges worldwide are already starting to use Nasdaq’s SMARTS trade surveillance technology.
One such case is that of Gemini, the crypto exchange of twin brothers Tyler and Cameron Winklevoss, who implemented the Nasdaq surveillance system in April to monitor trading activity on their platform.
Four other exchanges are using the tool, including SBI Virtual Currencies.
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For cryptocurrency businesses, Nasdaq’s meeting with crypto exchange representatives is highly encouraging as its participation in the crypto market could help increase security and credibility, as well as compliance with regulatory bodies.
A couple of months ago, in an unprecedented move, Nasdaq partnered with DX Cryptocurrency Exchange to launch the world’s first crypto trading platform powered by the New York stock market entity. Before it launched last week, DX announced it already had 500,000 registered users.
Nasdaq CEO Adena Friedman has publicly expressed her interest in cryptocurrency and has spoken of the virtues she sees in crypto assets, calling them the “right next step in the space of currency”.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.