United States-based crypto startup Bcause LLC may utilize Nasdaq's trading, clearing and marketplace surveillance technology, Nasdaq declared within an press release now, March 13.
According to the statement, Bcause will use the tech for its place cryptocurrency market, set to start via Nasdaq's Financial Framework stage in the first half of 2019.
According to Nasdaq, the tech will allow the company monitor its markets because of manipulative activities and other types of questionable behavior, therefore producing a more protected place and derivatives marketplace.
Fred Grede, CEO of Bcause, expects that the new crypto place market will entice a wide assortment of consumers, including both seasoned fiscal investors and crypto fans, who could be new to conventional markets.
Paul McKeown, senior vice president and Head of Marketplace Operators & New Markets at Nasdaq, additional added:
"By leveraging the Nasdaq Financial Framework, Bcause are going to have the scalability and modular operation to introduce new micro-services and expand its business offerings to meet business requirements and the development of the electronic assets economy."
The startup has reportedly applied for a license from the U.S. Commodity Futures Trading Commission (CFTC), aiming to become a designated contract market and also to establish a derivatives clearing company later.
As Bitcoinnetmagz formerly reported, a total of seven crypto trades were utilizing it market tracking technology as of Jan. 31 this season. Before Bcause, just a couple of the collaborations were publicized - that the Winklevoss twins' Gemini market and Vctrade, operate by Japanese financial services giant SBI Holdings.
Another electronic market, which concentrates on tokenizing traditional investment vehicles, utilizes a different technology protocol in Nasdaq -- its own Financial Information Exchange -- to send its products.