Adena Friedman, CEO of Nasdaq Inc has said that cryptocurrency “deserves an opportunity to find a sustainable future in our economy,” in a LinkedIn post, published Jan. 20. According to Friedman, the invention misses gaining widespread confirmation and its financial applications as a means of exchange are limited.
Steady Progress or Segway
Nasdaq CEO further elaborated that It’s been more than ten years since bitcoin was invented. With numerous fighting cryptocurrencies striving for investor recognition, the realm of “crypto” has gone through the initial stage of the exemplary discovery lifecycle, characterized by initial explorers, accompanied by hype, supported by the generation of rookies and then a dose of truth.
The Nasdaq CEO gave two outcomes
- Either the innovation finds practical utility followed by years of steady and sustainable commercial progress and integration into the economic fabric (e.g., the Internet); or
- The invention fails to achieve broad adoption and its commercial applications as a medium of exchange are limited (e.g., the Segway).
Governance and administrative transparency
The CEO explained that for cryptocurrencies to develop into a functional, robust design with a constant value it needs governance and administrative transparency. She also recommended that both of these are, at their focus and opposite to the primary purpose of a decentralized, uncontrollable global currency.
She went on to say that Nasdaq is already serving to support cryptocurrencies win investors’ confidence by giving its technology for business matching, clearing, and business uprightness to start-up exchanges. It has also invested in ErisX, an institutional marketplace for cryptocurrency place and prospects. The scope of its influence will depend on the development of management and comprehensive institutional enactment.
The Nasdaq Stock Market, an American stock exchange is all set to launch Bitcoin futures despite the bear market. The world’s second largest stock exchange is preparing to launch a Bitcoin futures market within the first quarter of 2019 and that these plans are advancing to go ahead despite the recent crypto crash.
Nasdaq was interacting with the Commodities and Futures Trading Commission (CFTC) to obtain regulatory permission to work as an acquiescent cryptocurrency futures market operator. The U.S. Commodity Futures Trading Commission (CFTC) is an autonomous bureau of the US government founded in the year 1974, that regulates futures and options markets.
To date, these bitcoin futures are the broader market’s only idea, regulated crypto investments. With beliefs of growing the crypto market’s institutional-tier contributions in 2018, the trade remains to seek U.S. Securities and Exchange Commission permission for a bitcoin ETF, an investment medium that many thinks could attract capital from Wall Street to invest undeviatingly into bitcoin.
About NASDAQ
The Nasdaq Stock Market is a US stock exchange. It is the second biggest stock exchange in the world by business capitalization. The Nasdaq Composite Index is the technology stock index. It follows stocks purchased electronically on the Nasdaq business exchange, also called the over-the-counter business.
Nasdaq was originally an acronym for the National Association of Securities Dealers Automated Quotations. It was established in the year 1971 by the National Association of Securities Dealers (NASD), which disrobed itself of Nasdaq in a list of trades in the year 2000 and 2001. The Nasdaq Stock Market is controlled and administered by Nasdaq, Inc., the capital of which was filed on its own contracts exchange on July 2, 2002, under the ticker symbol NDAQ.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The cryptocurrency market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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