NASDAQ CEO Says Exchange Could Cater on Cryptocurrency

Gladys Abbott
April 26, 2018

"Certainly NASDAQ would consider becoming a crypto exchange over time", Adena Friedman told the media Wednesday.

"Gemini has been a leading voice in advocating for stronger transparency and thoughtful regulation of the cryptocurrency markets - views we deeply share and have put into practice as a market operator and technology partner", said Valerie Bannert-Thurner, Senior Vice President and Head of Risk & Surveillance Solutions, Nasdaq. The Nasdaq now sees trades totaling $500 billion+ every month and would be a huge bolster to Bitcoin and many other coin's visibility. Overall, she and her team remain positive about the future of crypto, though they admit they would feel a little more comfortable with it if it was more developed and steadfast. Until then, don't expect Ethereum or Bitcoin to pop up on your E-trade account screen anytime soon.

New York Attorney General Eric Schneiderman last week sought information from 13 cryptocurrency trading platforms, including Gemini Trust, about their operations such as fee structures and safety measures to protect customer accounts. "To that end, we are excited to announce that over the coming months we will be implementing Nasdaq's SMARTS Market Surveillance technology to monitor our marketplace".

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According to Friedman, Nasdaq and institutional traders will enter into cryptocurrency arena only after regulatory issues are ironed out.

While Friedman was optimistic about the future of cryptocurrencies she was less so on the fundraising process known as an initial coin offering, or ICO, saying "ICOs need to be regulated", she said. "The SEC is right that those are securities, and they need to be regulated as such". Trading volumes experienced a massive spike, while revenue also rose by almost 15 percent to over $650 million.

"Since launch, Gemini has aggressively pursued comprehensive compliance and surveillance programs, which we believe betters our exchange and the cryptocurrency industry as a whole", said Tyler Winklevoss, CEO, Gemini.

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