The cryptocurrency market used to be a grey area for so many regulators. There are different reactions to cryptocurrencies. There are countries such as China that completely banned crypto activities. On the other hand, you also have the likes of Malta that has now become a haven for crypto businesses.
Today, there is the possibility of institutional investors getting involved in the market. However, it is quite clear that a lot has to be done before they get involved. According to prominent figures in the crypto industry, there is a chance that Bitcoin could surpass its all-time high last December once institutional investors start to enter the picture.
Nasdaq Inc is one of those interested in cryptos. In fact, it thinks that it can play a role in helping legitimize the entire crypto industry. Recently this week, Nasdaq held a closed-door meeting in Chicago. Among those invited included half a dozen companies as well as traditional exchanges. Among which is Gemini. The reason for the closed-door meeting is to improve the image and to clarify the participants’ roles in the global market.
Nasdaq spokesman refused to comment on the things that were discussed during the event. However, it was confirmed that such a meeting took place. In addition to this, Gemini didn’t leave a statement as well.
Among the topics that were reportedly discussed included the regulatory concerns in the industry. In addition to this, the necessary tools are looked into as well as the surveillance needed. Adena Friedman who works as Nasdaq Chief Executive Officer has been quite vocal in the past regarding the need for regulations. And now, Nasdaq is partnering with different exchanges in order to address some of the most pertinent issues.
Going After Legitimacy
There are more than 1,800 digital currencies. Unfortunately, a lot of these coins don’t have any use. However, this doesn’t remove the potential brought by blockchain. It is believed that Nasdaq is looking to establish legitimacy on the part of the entire cryptocurrency market.
Nasdaq chief executive officer Adena Friedman has been quite outspoken regarding the need to regulate the market. Nasdaw has now partnered with a number of exchanges in order to address several issues. For instance, Nasdaq was hired by Gemini and did market surveillance for both Bitcoin and Ethereum trading.
She says that “I do believe that over time we’re going to find that there is really utility” to cryptocurrencies. Nasdaq also revealed this week that it has been supplying technology to five different cryptocurrency exchanges. This includes Gemini and SBI Virtual currencies.
One of the reasons why Wall Street is quite slow in its movement towards the market is because of the many problems that it has been facing including theft, fraud, and even the lack of custodial services. And because of this, we can expect that this isn’t the first and last meeting of this nature.
Though regulators are moving towards legitimizing the market, Nasdaq among with the other crypto exchanges are looking to hasten things up. Though there’s a lot of work that has to be done in terms of regulatory changes, this is still good news for the crypto industry as a whole.