According to a recent announcement from Nasdaq, a U.S based crypto startup— Bcause LLC will be using its trading, clearing and market surveillance technology.
Bcause and Nasdaq
The announcement revealed that Bcause will be using the technology for its spot cryptocurrency market, which is planned to launch on the Nasdaq’s Financial Framework platform within the first six months of 2019.
According to the announcement made by Nasdaq, the underlying technology of the Bcause project will make it possible for the firm to monitor its markets for manipulative activities and every form of suspicious conduct. This will further help to provide a more secure sport and derivatives market.
According to Fred Grede, CEO of Bcause, the new crypto spot platform is expected to attract a broad mix of users, which covers both experienced financial investors and crypto enthusiasts, who may be new to traditional markets.
Paul McKeown, senior vice president and Head of Marketplace Operators & New Markets at Nasdaq, also made some statements regarding this latest development. He stated that:
“By leveraging the Nasdaq Financial Framework, Bcause will have the scalability and modular functionality to introduce new micro-services and expand its business offerings to meet industry demands and the evolution of the digital assets economy.”
In its bids to function within the jurisdiction of the U.S financial laws, Bcause has also applied for licensing from the U.S. Commodity Futures Trading Commission (CFTC). Once approved, the platform will become an official designated contract market, with an agenda to establish derivatives clearing organization later.
Seven Exchanges Already Active on the Platform
According to a previous report, it was discovered that seven different crypto exchanges are now making use of Nasdaq’s monitoring technology. However before announcing that of Bcause, only two of these seven exchanges were publicised. These two exchanges are, — the Winklevoss twins’ Gemini exchange and Vctrade, which is owned by Japanese financial services giant SBI Holdings.
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