Blockchain and cryptocurrencies have been an attractive proposition for a lot of traditional technology and financial companies recently and everyone is trying to board the bus in the best way they can. Same has been the case with Microsoft and Nasdaq who are coming together to deliver on the blockchain promise.
The partnership will offer blockchain based software
In the recent news report released by Bloomberg, Microsoft has said that’s its Azure blockchain services will integrate with Nasdaq’s Financial Framework, which offers software for traders, exchanges and clearinghouses to interact with each other.
The partnership will create a blockchain system that helps different technologies work together for Nasdaq customers. For example, it will make it easier to match buyers and sellers, and manage the delivery, payment, and settlement of transactions, the companies said.
Nasdaq Financial Framework plans to offer customers the ability to use different blockchains through one common interface, which the company hopes will ease and accelerate blockchain use and let customers choose which option is best for different situations.
The partnership will be announced Tuesday as Microsoft business development chief Peggy Johnson speaks at Bloomberg’s CIO Exchange conference.
Independently too, Nasdaq and Microsoft are doing their bit of work in blockchain and cryptocurrencies. Nasdaq has already announced plans list multiple cryptocurrencies as early as 2019. A couple of months back, Nasdaq reportedly hosted a closed-door meeting in Chicago with representatives from about half a dozen companies, including Gemini and other cryptocurrency exchanges. As per a report by Bloomberg, the gathering was aimed to encourage the industry to work toward improving the image of cryptocurrency by validating its potential role in global markets.
While Microsoft is supposedly joined hands with The Seattle-based coffee giant, Starbucks, and Intercontinental Exchange, is working to launch a new company called Bakkt that will enable consumers and institutions to buy, sell, store and spend cryptocurrencies on the global network.
In 2015, Microsoft and ConsenSys had partnered to offer Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure so enterprise clients and developers could have a single click cloud-based blockchain developer environment.
With Microsoft and Nasdaq, both taking progressive strides in blockchain and cryptocurrencies is a super positive sign for the industry. Big names like these will contribute to goodwill and enforce trust into the cryptocurrencies industry- something that is very much required in the crypto industry today.