Why Nasdaq’s Bitcoin Index is a Bigger Deal Than Most People Realize

On February 11, Nasdaq, the world’s second-largest stock exchange, launched Bitcoin and Ethereum indices to present accurate prices of the two leading crypto assets.

Nasdaq’s Bitcoin Index a Likely Precursor to Crypto Investment Products

According to cryptocurrency analyst Alex Ziupsnys, the introduction of the crypto indices of Nasdaq could lead to the approval of a wide range of investment vehicles in the long-term.

The analyst said:

“NASDAQ to add a bitcoin index on its platform. They are reading the writing on the wall and don’t want to get left behind. There is no stopping this. Adoption happens gradually right in front of you, until you finally pause, look around, and bitcoin is the dominant asset.”

“This is big news. The launch of Nasdaq crypto indices could lead to regulatory approval for crypto-based derivatives in the market. And as a direct initial effect could mean more interest from institutional traders. The feeds are going live Feb 25th.”

Bitcoin ETF is a Prime Example

In July 2018, the Bitcoin exchange-traded fund (ETF) proposal of Tyler and Cameron Winklevoss was officially rejected by the U.S. Securities and Exchange Commission (SEC).

At the time, among other issues, the SEC named the pricing of Bitcoin as its main concern. The commission claimed that the risk of price manipulation exists on cryptocurrency exchanges and as such, an ETF cannot be operated based on the price of digital assets on exchanges.

The official document released by the SEC explicitly stated that small trades can sway the price of Bitcoin on exchanges, and due to the presence of overseas markets, it is virtually impossible to audit all BTC transactions.

“This commenter expresses concerns regarding the Gemini Exchange Spot Price, noting that the nominal price of the Shares under the proposal is supposed to be tied to the market price of bitcoins at the Gemini Exchange, which is closely tied to the ETP proponents,” the document read.

Speaking to CNBC in November of last year, SEC Chairman Jay Clayton further emphasized that cryptocurrencies have to become free from the risk of manipulation and until the issue is addressed, an ETF will not be approved.

Nasdaq’s Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX) provide a real-time spot or reference rate for the price of BTC and ETH in USD derived from the most liquid parts of the global market.

The indices of Nasdaq are not concentrated in a small group of exchanges or over-the-counter (OTC) exchanges. Rather, the indices take into consideration all platforms processing cryptocurrency trades and find a reliable spot price.

BLX and ELX could serve as the base prices of Bitcoin and Ethereum for regulated investment vehicles in the long-term.

With the track record of Nasdaq in the financial sector and the emergence of a wide range of cryptocurrency indices, Bitcoin ETF operators could consider utilizing several indices including Nasdaq’s BLX and ELX to find an accurate representation of the value of leading digital assets.

Currently, firms like VanEck, Bitwise, and the Chicago Board Options Exchange (CBOE) are working with the SEC to release the first Bitcoin ETF in the U.S. market.

Liquidity is Key

As CCN reported earlier this week, Hwang Hyeon-cheol, a former Citi and Allianz executive, said that the cryptocurrency market still does not have a stable level of liquidity and market size for both institutional and retail investors.

Most investment vehicles that are pending approval in the U.S. are targeted at retail investors, and for their success, large liquidity and a reliable source of price is key.

Analysts expect Nasdaq’s indices to operate as the main source of crypto prices throughout the years to come, opening the door for various investment tools.


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Author: Joseph Young 
Image Credit: Source: Shutterstock

Why Nasdaq’s Bitcoin Exchange Partnerships Prove the Crypto Industry is Growing up

A total of seven cryptocurrency exchanges have contracted with Nasdaq to use its surveillance technology. The technology, which has various products including SMARTS (which was adopted by Gemini), enables Bitcoin exchanges to identify fraudulent trading patterns.

How Nasdaq Evaluates Crypto Exchanges

According to Forbes writer Michael del Castillo, Bitcoin exchanges must have more than enough capital to cover the steep fees Nasdaq charges to license its technology. Nasdaq conducts a means test which focuses on the backgrounds of exchange executives as well as practices within them. Exchanges must list reputable tokens and must have a solid process through which they add them.

Only two exchanges have publicly revealed that they are using the Nasdaq technology. According to a Nasdaq exec, five more have passed the test and contracted to use the software. Gemini and SBI Virtual Currency both use Nasdaq’s program to monitor the use of their exchanges. The same tech is used by Nasdaq to assure investors that liquidity and volume of traditional assets are legitimate.

The question of honest volume has repeatedly come up over time in the cryptocurrency space in recent months. An in-depth study of volume reported by South Korea’s Bithumb found that the exchange was likely pumping its numbers.

Uncovered patterns show Bithumb would do as much as 95% of its volume in a space of two hours over a 24-hour trading day. Some tokens, like WaltonChain, were pumped to incredible heights this way. The metric of volume done on an exchange is one that plays an important role at various ranking sites and also helps traders determine where to do business. Exchanges with more volume have greater liquidity. The prices reflect real sentiments. That is, unless they’re falsifying said volume.

Honest Trading Volume Will Create A Bitcoin Market for Grown-Ups

bitcoin exchange crypto
It’s hard to tell how many Bitcoin exchanges are faking volume numbers. | Source: Shutterstock

This reporter has been told by several experienced traders and industry insiders that nearly every Asian exchange fluffs its volume numbers. One researcher has even concluded that it’s impossible for exchanges not to be faking volume and even prices – the business model is so hard to profit from, it wouldn’t make sense otherwise. The rapidity with which exchanges have to respond to declining interest in cryptocurrency demonstrates they’re not making enough, after all. A well-tuned business model will give a company reserves to weather long periods of poor performance.

Gemini is a hyper-regulated exchange. They’re so regulator-friendly that they advertise based on their status. They are far from the most popular exchange. Assuming their volume is honest (no indications to the contrary), they rank 65th by adjusted volume at press time.

A Crypto-Native Solution Might Be Necessary

Booming crypto exchanges like Binance might be better off building their own surveillance technology rather than licensing it from the legacy financial sector. | Source: Shutterstock

Binance is king and has been since it took the scene by storm. It likely would not pass the means test in terms of the tokens it lists – mostly anything the customers want. Binance is more likely to create their own monitoring product than outsource the job, however. More than once, they have acted to ensure justice in the case of stolen funds or questionable business practices.

As the Bitcoin industry grows up and goes mainstream, it will be necessary that Nasdaq’s surveillance software or something like it is operational on crypto markets. Such things ensure that everyone’s playing by the same rules.

However, as del Castillo writes:

“In crypto, innovation would come not from top down but from the grassroots. While Nasdaq has shown a willingness to work with some unusual clients in the crypto space, the ones we know about support what these questions reveal about Nasdaq’s interest in working with proven entities, something other regulated exchanges and technology providers will likely follow.”

Indeed. An innovative alternative to Nasdaq technology may be in order. Companies like Chainalysis and Elementus already work in this space. Blockchains are about transparency. A crypto-native solution would probably gain more favor among crypto exchanges.

Questionable exchanges — along with hacks, theft, and usability problems — are still chief among the problems that crypto faces in gaining mass adoption.


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Nasdaq in Bear Market With 20% Drop, Dow Jones Worst Week Since 2008

The Nasdaq is in a bear market. On December 23, the Nasdaq Composite fell to a new yearly low at 6,332 points, as stocks and securities listed on the exchange plummeted in value.

A bear market is commonly referred to as a 20 percent drop from a market, index, or asset’s all-time high. Since its newly established all-time high on August 29 at 8,109 points, the Nasdaq Composite has fallen by nearly 22 percent to 6,332 points.

As technology stocks in the likes of Amazon and Cisco recorded a daily drop of 3 to 6 percent on the day, the Nasdaq Composite struggled to sustain any sort of momentum and dropped by 3 percent within a six-hour span.

Nasdaq in Trouble, What Investors Can Anticipate

The U.S. government and the Trump administration have attributed the poor performance of the U.S. stock market to the latest rate hike by the Federal Reserve.

The increase in the federal funds rate has made it more costly for businesses, especially small to medium businesses, to lend money from financial institutions, placing more pressure on the struggling economy of the U.S.

Jeff Kravetz, a regional investment director at U.S. Bank Wealth Management, said that the Fed believes the economy of the U.S. is still strong. But, the country’s central bank has failed to consider key variables that may affect the short-term prospect of the global economy including the tension between the U.S. and China over the long-lasting trade war and high tariffs.

“The Fed is making the case the economy is still good, but there’s so many things investors are worried about,” Kravetz said.

Although several analysts have claimed that the Fed cannot alter the rate purely based on the performance of the U.S. stock market, such an argument was relevant prior to decline in the Nasdaq Composite and the Dow Jones.

Both the Nasdaq Composite and the Dow Jones are up quite significantly from early 2017. However, with about a week of trading left before the year’s end, if the sell-pressure on the U.S. stock market continues to grow and it does not demonstrate signs of a drastic trend reversal, an additional drop in value can be expected throughout December and the first month of 2019.

UBS Global Wealth Management executive Jason Draho told the WSJ that investors in the stock market are refraining from initiating in any investment until the year’s end, and without buy volumes, the intensifying sell pressure could lead to a steeper sell-off for U.S. markets.

Draho said:

The fear of slowing growth and a bear market has become much more prominent. There’s not many buyers who want to step up and say they’re willing to buy today, and many are waiting for the new year.

Dow Jones Also Approaching Bear Market Territory

The Dow Jones has dropped by 16.3 percent from its all-time high at 26,828 points and is approaching bear market territory.

On the day, the Dow Jones recorded a 1.81 percent drop, ending the week as the market’s worst week since the 2008 financial crisis


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Author: Joseph Young
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Stock Market Giant Nasdaq and VanEck Will Offer Bitcoin Futures

The world’s second largest stock exchange Nasdaq has announced partnership with U.S. investment firm VanEck aiming at bringing a host of new regulated cryptocurrency financial products to market, including Bitcoin futures.

CoinDesk reported that the partnership was officially unveiled during Consensus: Invest conference. The move to “bring a regulated crypto 2.0 futures-type contract” to the market was announced by Gabor Gurbacs, VanEck’s director of digital asset strategy.

Soon after, Gabor Gurbacs took to Twitter to say the partnership is between Nasdaq and VanEck’s MVIS Indices. Its intention is to bring to market transparent, regulated and surveilled digital assets products, such as Bitcoin futures contracts.

In his tweet, Gabor Gurbacs indicates that new products will use Nasdaq’s SMARTS Market Surveillance system, a cross-market, cross-asset, multi-venue surveillance tool that correlates real-time and historical data with detection patterns to trace illegal market activities such as spoofing and wash trading.

More details are expected to be revealed soon, however, Gurbacs said that upcoming products could be thought of as an “upgrade” to current regulatory standards that surround Bitcoin futures.

Describing SMARTS as a “big policeman engine,” Gurbacs insists the technology would ensure Bitcoin futures trading “in a fair and orderly fashion.”

As of today, the Commodity Futures Trading Commission (CFTC) has approved two Bitcoin futures products – one operated by the Chicago Board Options Exchange in partnership with Gemini Exchange and the other operated by the Chicago Mercantile Exchange in partnership with Crypto Facilities.

These futures contracts are cash-settled, meaning that at expiration no “physical” bitcoins need to be moved in order to settle accounts.

A rival Bitcoin futures product by Bakkt is expected to be launched in January 2019 and will be physically-settled, meaning investors holding these contracts at expiration would receive payment in BTC.

As of press time, it has not been confirmed whether the Nasdaq/VanEck’s futures contract will be cash-backed, or physically settled.


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Author: Forklog
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Nasdaq Says It Can Stop Cryptocurrency Market Manipulation

Nasdaq says it can lead the fight against market manipulation and fraud that has been plaguing the cryptocurrency market. In fact, a few exchange platforms are already adopting the exchange operator’s market surveillance technology.


Helping to Combat Cryptocurrency Fraud

According to Bloomberg, the U.S. stock exchange behemoth believes it can solve some of crypto’s issues – fraud and market manipulation. In a report published on November 1st, Nasdaq noted that it had a wealth of experience in dealing with the intricacies of the assets trading market.

A section of the Nasdaq report reads:

Regulators, brokers, and exchanges have surveillance teams that monitor activity constantly and advanced technologies to help capture and analyze abusive behaviours including pump-and-dump schemes, insider trading, wash trading as well as spoofing and layering.

Many virtual currency critics are quick to point to the lack of robust regulations in the industry as an incentive for all sorts of illegal trading practices. In the U.S., the Justice Department in conjunction with the CFTC began investigating allegations of price manipulation in the Bitcoin $6356.72 +0.0% trading arena.

Exchanges Already Using It

According to Nasdaq, some significant players in the cryptocurrency trading space are already using its market surveillance technology.

In mid-2018, Bitcoinist reported that Gemini, SBI Virtual Currencies, and three other platforms were already using Nasdaq’s SMARTS technology. With more developments in the cryptocurrency trading space, the company appears to be in high demand.

Speaking to Bloomberg, the head of exchange and regulatory surveillance at the exchange operator, Tony Sio, said:

We’re now getting approached every week or two. We won’t work with all of these firms though since a lot of them are quite early stage or not reputable yet.

Nasdaq is Embracing Crypto

For Nasdaq, since the start of 2018, it has been a case of moving from tentative to more concrete involvement in the emerging virtual currency industry. CEO, Adena Friedman, has on many occasions expressed bullish sentiments about the prospects of cryptocurrencies while reiterating the need for more robust regulations.

Reports indicate that the company wants to open a cryptocurrency exchange platform. However, such plans rest on the emergence of a proper regulatory framework for the industry.

Can Nasdaq’s market surveillance tech prevent fraud and manipulation? Let us know below!


Images courtesy of Shutterstock

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author- Asato Anon-nomayo

Nasdaq and Microsoft join forces to deliver blockchain services

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.


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Author: Divya Bhatia
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Security Tokens to Bring 10% of Global GDP ($8 trillion) Into the Blockchain Ecosystem by 2024

Jeff Brown is a technology guru, analyst, and an angel investor for over 20 years now. He even attended and helped to develop first self-driving cars back in 2011th and even graduated the same astronautics program at Purdue University as also did Luis Armstrong, a man who walked the moon. And Mr. Brown bets on Security tokens and Blockchain.

Jeff attends a huge number exclusive cryptocurrency and blockchain event in New York what let Jeff become an “insider” in many blockchain and cryptocurrency related projects.
Brown is sure that the mainstream media doesn’t tell you much about the future of cryptocurrencies and adds, that crypto “insiders” are preparing to profit in the years ahead mainly from blockchain related technology and security tokens.

The wave of the security tokens boom is ramping up

According to Jeff, the New York Stock Exchange (NYSE) and NASDAQ top hedge fund managers and leaders in the blockchain industry are focused on the same thing: the creation of the security token industry. Brown said,

“One executive I spoke with expects security tokens to bring 10% of global GDP – roughly $8 trillion – into the blockchain ecosystem by 2024. That represents growth of 28X.”

Security Tokens to Take Over Wall Street

Security tokens make it much easier for companies to raise the capital they need to grow. Registering securities for a traditional IPO is a tedious, expensive process that requires companies to go through several layers of middlemen and costs millions of dollars on lawyers and brokers.

Security tokens will disintermediate those middlemen, which will reduce costs and simplify the process of launching a Security Token Offering (STO).
That will tear down the roadblocks currently preventing small businesses from raising capital which, in turn, will foster capital allocation to small-cap businesses that will drive economic growth.

And that is why security tokens will be the most robust asset class within 18 months.
Massive institutional capital will flow in from hedge funds, pension funds, and family offices. And the blockchain industry’s market cap will likely be in the trillions by early 2020 as a result.

That’s not just blind speculation it is coming from the highest tiers of Wall Street. Institutional players have not yet piled into the cryptocurrency market because they are waiting on a regulated token environment. The security token industry will provide that environment.


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Author: Karolis
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Interstellar Arrives: Visa, Citi-Backed Chain Acquired By Stellar Startup

A long-rumored acquisition that finds two of the crypto industry’s leading entrepreneurs teaming to back the world’s sixth-largest blockchain has been confirmed.

Announced Monday, Chain, which raised more than $40 million from financial institutions including Visa and Nasdaq, in the process helping define the narrative for business interest in the technology through its partnerships and stage appearances, has been acquired in an undisclosed deal by Lightyear.io, a startup building on the Stellar protocol.

Closed officially September 5, the deal will find both brands combining to form a new entity called Interstellar to be helmed by former RRE Ventures partner and Chain CEO Adam Ludwin, who will serve as Interstellar’s CEO, and Jed McCaleb, the creator of the XRP and Stellar protocols, who will be acting CTO.

The combined company will retain “100 percent” of Chain’s employees, according to Ludwin, including co-founder Devon Gundry, who will remain on as chief product officer. All told, about 60 employees are now employed by Interstellar, Ludwin said.

While terms of the deal were not disclosed, Ludwin affirmed in interview that shareholders were bought out and that it was “a good deal for investors.” Early estimates had pegged the deal as valued at nearly $200 million, which if true, would make it one of the year’s largest.

However, while interest will likely remain high on the deal’s lingering details, Ludwin and McCaleb were keen in interviews and statements to place their emphasis on the future.

In fact, Ludwin went so far as to suggest that the acquisition by Lightyear shouldn’t be viewed as a change in direction, even though Chain’s work focused largely on private blockchains.

Ludwin told CoinDesk:

“If you look at our work with Visa, Citi, in every case, we made huge progress, but we would also find ourselves at an impasse when it was the partners who had to instantiate a blockchain. We needed a chain that anyone could access.”

In Ludwin’s words, Chain got “Stellar envy,” when it realized the open-source project was succeeding on its goal of creating a platform that could excel at asset issuance, albeit largely with startups.

At the time, McCaleb, Ludwin said, encountered a reciprocal problem. Created in 2014 and managed by the non-profit Stellar Development Foundation, the protocol’s coders were looking for a link to institutions that could help them commercialize their work.

That said, also notable is that Ludwin said Interstellar does not intend to play an active role in the market for the Stellar cryptocurrency, XLM, saying that Interstellar is a “software” play.

“It’s about the platform layer to make the network as powerful and useful as possible for those organizations that want to leverage stellar,” he continued.

A long courtship

Still, for those involved, today’s represents the conclusion of a process that began as far back as early 2018, when McCaleb first approached Ludwin for a meeting.

Ludwin said that while the two have been acquainted since 2014, they “didn’t know each other super well” prior to discussing how they might solve mutual problems.

In this way, Ludwin said that early meetings were mostly about establishing relations.

“I have a certain public reputation, he has a certain public reputation. As usual, what you think about someone based on their public persona and who they actually are are drastically different, and we decided that after four to five weeks, let’s do this together,” Ludwin said.

At the time, details about a potential sale began to emerge, with CoinDesk first learning that Chain was in discussions to be acquired by a company affiliated with Stellar in May (though details remained unclear as to the mechanics and entities involved in the deal).

Ludwin confirmed that the two companies examined multiple ways to structure the deal, which added to the length of the acquisition talks, as did efforts to retain existing employees. He declined to indicate if the liquidation of any cryptocurrencies was used to facilitate the acquisition.

Not another Ripple

Elsewhere, Ludwin sought to distance Interstellar from comparisons to one McCaleb’s early efforts, San Francisco-based Ripple, a company for which McCaleb served as founder and CTO before the relationship devolved into high-profile legal battles.

For one, Ludwin said that Interstellar would seek to work with the Stellar Development Foundation to grow the software in concert with other for-profit startups.

“Ripple is focused on international B2B networks, being crypto Swift for banks. Stellar has increasingly become the platform of choice for issuing tokens of all kinds,” he said.

Still, like Ripple, Ludwin said the new company will continue to work to bring open-source software to the firms with which Chain already had established projects.

Interstellar, he said, will continue to use its cloud blockchain service Sequence, introduced last October, and will also make use of the tech behind its Chain Protocol, a suite of tools designed to enable private blockchain networks, launched in 2016.

As such, he said the products will be used alongside software from Stellar’s non-profit arm, enabling the company to work with both private and public networks.

“What you’re going to see from Interstellar is a convergence of the two. Where it makes sense to have assets in a private environment, we’ll use Chain’s products, when it makes sense for these assets to be transferred over a network, we’ll use stellar,” he said, adding:

“You don’t think I’m on a public network or I’m on a private network, I’m on my computer, doing work.”

Third time’s a charm

In interview, Ludwin also addressed his journey as an entrepreneur working closely with blockchain and cryptocurrencies, noting that in many ways this could be viewed as a kind of third version of a vision he began pursuing in 2014.

At launch, Chain was focused on providing products for bitcoin developers, emerging as a well-financed competitor to early Silicon Valley startups such as Gem and Coinbase, then both pursuing a model in which they sought to court coders.

Chain would later raise $30 million from major financial institutions in 2015 in a repositioning that found the company seeking to become the preferred partner for businesses that wanted to leverage blockchain to leverage the technology to create new products.

Still, Ludwin said the goal at all times as been the pursuit of technology that would enable a platform for the creation of new assets, ones that, like bitcoins on the bitcoin blockchain, would be defined by cryptography and peer-to-peer networking.

To that end, Ludwin suggested he’s merely been more aggressive in pursuit of this vision, willing to ride the twists and turns of one of the tech industry’s fastest-moving sectors.

Ludwin concluded:

“Have we experimented with approaches? Heck yeah, but if you’re in this industry and you haven’t, you’re not likely to get it right on the first stab.”


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Author: Pete Rizzo
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Nasdaq Could List Cryptocurrencies in 2019; As Early As Q2

Nasdaq Could List Cryptocurrencies in 2019; Potentially in Q2

This week brought big news as sources say Nasdaq could be listing cryptocurrencies on its platform in 2019. This shows more interest from traditional financial institutions in entering the crypto world.

TIP

Nasdaq To List Cryptocurrencies?

In the long term, Nasdaq is working to list cryptocurrencies and make them available for trading. At the moment, the details about this are not clear. However, a Nasdaq source explained that Bitcoin and Ethereum may be tradeable on its platform soon.

About it, the source commented:

“The conversation around listing coins has centered on how they will be classified from a regulatory standpoint. As you can imagine, our leadership is closely connected to the rumbling at the SEC and CFC around cryptos and what is expected over the next 3-6 months.”

This happens while the U.S. Securities and Exchange Commission is trying to build a clear regulatory environment for cryptocurrencies. However, it has taken a very hard stance toward crypto exchange-traded funds (ETF). Additionally, investors do not know how the SEC considers some virtual currencies such as XRP or Stellar.

If the SEC approves a regulatory framework for the first quarter of 2019, listing and trading virtual currencies could come in the second quarter.

“The framework (two different sets of framework based on two different regulatory outcomes) has already been laid to create a separate silo for coin listings and a robust trading apparatus,” the first source says. “Doing the math here, look for regulatory bodies to provide guidance in Q1 of 2019, and an announcement and a ‘coin exchange’ to either be announced or launched in Q2 of 2019. 

Nasdaq has also a strong relationship with the crypto exchange Gemini. This virtual currency platform was created by the Winklevoss brothers, Tyler and Cameron. Both of them have worked very closely with the SEC trying to be compliant with regulations.

Sources from the Gemini crypto exchange have also given their comments on the matter. They say that the listing and trading of virtual currencies could come earlier than expected. Some other sources have been more specific about the date for Nasdaq entering the market. Some sources speculate cryptocurrencies could be added to the platform during the second quarter of 2019.

That means that three different sources, two of them from Gemini, believe that Nasdaq will enter the crypto market during the second quarter of 2019.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Carlos Terenzi
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AVATARA

Peoples Token

Blockchain Firm to Raise $24 Billion for Electric Bus Upgrades in China

Blockchain and AI technology company Seven Stars Cloud Group has scored a major deal to help raise $24 billion to fund large-scale electric bus upgrades for China’s biggest full-service operator.
LIONBIT
According to a press release published Monday, under an exclusive contract made with the National Transportation Capacity Co Ltd (NTS), Seven Stars Cloud will issue fixed income lease financing-based products through its regulatory complaint blockchain ecosystem, including one campaign based in China and the other open to the global markets.

More specifically, through the China-based and international funding campaigns, Seven Stars Cloud – a public company traded on Nasdaq – plans to raise estimated $8.75 billion and $15 billion over the three-year time period, respectively. While, for the China-based financing, SSC will focus on the sale of fixed income products, for the international markets, SSC will provide both fixed income and asset digitization products.

TIP

NTS is China’s largest full-service operator for electric buses, according to the release. It also offers sales, lease financing, a charging station network, and real-time data services.

Bruno Wu, chairman and CEO of SSC, said that such a large-scaled and asset-backed contract is “groundbreaking” for blockchain-backed fintech companies around the globe.

He added:
“It will serve as a window to the world on how asset value and liquidity can be unlocked by traditional industries as we take fixed income products into the digital era.”

The partnership comes amid China’s plan to replace all buses with electric buses by 2021. The market size for the replacements and upgrades to achieve fully-electric bus operations in China is estimated in the announcement at about $145 billion.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Muyao Shen
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