“We Will Consider Becoming a Cryptocurrency Exchange”, Says Nasdaq CEO

Apr 27, 2018 at 16:36 // News
Author
Coin Idol
Nasdaq becomes a cryptocurrency exchange

Nasdaq, one of the largest stock exchanges is now considering becoming a cryptocurrency exchange in a well-regulated market.

Adena Friedman, Chief Executive Officer of Nasdaq,  in a televised interview with CNBC was questioned about the decision taken by Nasdaq’s board and the side she believes on these cryptocurrencies, particularly as a service provider.

Friedman further stated that she deems ICOs to be securities and this point has been widely debated in the cryptocurrency world.

She said:

“ICOs need to be regulated. The SEC is right that those securities and need to be regulated as such.”

Friedman responded that “It is a non-regulated space today, so it is not something that we have decided to go into becoming a cryptocurrency exchange but we are providing technology now to other cryptocurrency exchanges,” pointing to Nasdaq’s surveillance technology that will be used by Gemini to oversee its cryptocurrency trading pairs in Ethereum and bitcoin to alert the exchange of suspicious trade behavior, potentially preventing market manipulation.

Cryptocurrencies Continue to Instill Confidence in Users

She continued to say that Nasdaq would consider becoming a cryptocurrency exchange over time if they see that people are willing and able to operate in a well-regulated market that will not only generate profits but also provide more experience to prominent investors

During the interview, she was asked whether she believes in cryptocurrencies and she assertively replied that “I would definitely say that, I believe that dig currencies will continue to persist. It is just a matter of how long it will take for that space mature. Once you look at it and say, do we want to provide a regulated market for this? certainly, Nasdaq would consider it.”

Major Earned Incomes

Nasdaq’s net gross profit in the first quarter increased from $168 million to $177 million, helped by a volatility-driven cluster in trading volumes.

Volatility clustered in February this year after a protracted calm in 2017, roiling global equities, currencies, bonds and commodity markets and this led it to remain elevated through the end of March.

Revenue increased to $666 million and the sales from Nasdaq’s non-trading related businesses increased with revenue from its market technology unit rising to $70 million and revenue from information services rising to $174 million. Corporate Services also increased to $172 million as Nasdaq saw 37 IPOs in the quarter inclusive of Chinese Video streaming platform and cloud storage company Dropbox.