News Paving The Path For Institutional Investors: NASDAQ Powers Seven...

Paving The Path For Institutional Investors: NASDAQ Powers Seven Crypto Exchanges

-

- Advertisment -

Currently, millions of dollars invested in crypto are lost due to fraud on a daily basis.

The Wall Street Journal reported that only hacks had cost the industry more than $1 billion, so anti-fraud systems and technologies are a must these days.

NASDAQ is working with seven crypto exchanges

NASDAQ is working with seven crypto exchanges at the moment to support their security and tech functionalities and to help create an ecosystem for institutional investors.

Institutional investors in crypto are one of the main ingredients that are missing before mainstream adoption can be eventually achieved.

According to more experts, the other essential ingredient is more clarity and regulation coming from the SEC and other significant institutions.

Forbes just reported that only two of the seven exchanges that we have mentioned above Gemini and SBI Virtual Currency had been publicized.

Crypto exchanges that are planning to use NASDAQ’s fraud surveillance tech are expected to undergo massive due diligence reviews.

An intense check project is required

The exchanges that will pass the assessment will be granted access to the proprietary tech that NASDAQ is currently using to monitor traditional stock trading volumes for fraud.

“Historically, we don’t do such a large vetting process for our clients because they are much more well-known. As we started working with less well-known names, startups, then we realized we needed to do this check process,” NASDAQ’s head of exchange and surveillance Tony Sio said.

The NASDAQ checklist is called “Key Questions to Ask When Evaluating a Cryptocurrency Exchange” and it is used to assess potential clients.

The document includes three sections: business model, KYC/AML, exchange governance, and controls.

It brings questions involving the products’ reputation, the founders’ background and more.

Paving The Path For Institutional Investors: NASDAQ Powers Seven Crypto Exchanges

Gemini teamed up with NASDAQ last year

It’s important to note that back in 2018 Gemini founders, the Winklevoss twins, have hired NASDAQ to conduct market surveillance for BTC and ETH trading on Gemini.

They describe NASDAQ’s SMARTS Market Surveillance tech as a vital component that can bring more legitimacy to the crypto space.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

GoCrypto presents truly contactless payments with a simple solution for merchants and buyers

7 April 2020 — The recent events have rapidly changed the way we live, including our shopping...

Bitcoin SV has found a new niche in the gaming industry

Gaming companies and online casinos are increasingly paying attention to cryptocurrencies as a possible payment tool. Several...

Why could GLBrain become a great solution to receive support during the crisis?

To support smaller and medium-sized businesses during the ongoing crisis, GLBrain offers services cost-free for all Austrians....

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...
- Advertisement -Paving The Path For Institutional Investors: NASDAQ Powers Seven Crypto Exchanges

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you