Nasdaq Acquires Real-Time Clearing Technology Provider Cinnober September 18, 2018 September 18, 2018 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
NewsSeptember 18, 2018 by Kelly Cromley

Nasdaq Acquires Real-Time Clearing Technology Provider Cinnober

Tech-heavy NASDAQ exchange is acquiring a company called Cinnober. The Sweden based firm provides exchange and real-time clearing technology to clearinghouses, banks, broker and market operators.

Cinnober came to lime light when it forged a partnership with BitGo, a large institutional custody service provider.

Cinnober, which is bullish on digital assets such as Bitcoin, wants to make investing in cryptocurrencies an easy job. BitGo is also popular for its ability to establish valuable partnerships, which is crucial for its development.

Nasdaq’s interest in Crypto Trading

We had reported that SEC rejected Winklevoss twins’ Bitcoin ETF proposal for the second time in July end. Following this, Nasdaq convened a closed door meeting with industry leaders to discuss the steps that needs to be taken to legitimize crypto and obtain approval from the SEC.

Now, Cinnober’s acquisition indicates that Nasdaq has some credible plan to legitimize cryptocurrencies.

Regarding the acquisition, Adena Friedman, President and CEO of Nasdaq has stated that Cinnober will bring abundant intellectual capital and technology to Nasdaq.

The rapid expansion of global markets leads to the rise of new market places, leading to an increase in demand for new products. Nasdaq considers the acquisition to play an important role in improving the quality of its products and services.

Cinnober has already built several in-house solutions, making it a suitable acquisition candidate for Nasdaq. The lack of credible, state-of-the-art custodian service is arguably the most important factor that keeps the institutional investors afraid of cryptos.

Mighty US financial institutions such as Citigroup and Bank of America are already exploring the possibility of providing trust worthy custodial solutions. Even with multi-signature wallets and cold storage facility, general public is still uncomfortable dealing with cryptocurrencies mainly due to storage related issues.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.