Bcause, a United States-based crypto startup will reportedly use Nasdaq’s market, trading and clearing surveillance technology according to a press release by Nasdaq which we are looking into some more in our cryptocurrency news today, March 13.
According to the official press release, Bcause will use the technology for the cryptocurrency market that is set to launch via Nasdaq’s Financial Framework platform somewhere in the first half of 2019. The company claims that the technology will allow the startup to monitor the crypto markets for any manipulative activity but also to look out for other types of suspicious conduct which will eventually end up creating a more secure and transparent spot and derivatives market.
The CEO of Bcause, Fred Grede believes that this new crypto spot market will help to attract a huge number of new users who are both experienced such as long-term crypto investors but also crypto enthusiasts who are looking into entering the world of crypto.
The senior vice president and Head of Marketplace Operators And New Markets at Nasdaq, Paul McKeown explained:
“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.”
As previously reported, approximately seven crypto exchange are using the new monitoring tech since the end of January this year. Before the Bcause startup, only two other collaborations have been publicized and available to the public which are the Winklevoss twins’ the Gemini exchange, and Vctrade which is run by the Japanese financial giant SBI Holdings.
Nasdaq has also taken a hands-on approach to cryptocurrency-related products and services, especially over the past year. In September 2018, the company began looking into adding crypto data sets to its market analytics suite after considerable demand. Back in September for example, the company aimed to add crypto datasets to its market analytics department after people were strongly demanding it. Later the same year, the company announced they would be launching its own Bitcoin Futures sometime soon in 2019.
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