NASDAQ Comes Forward to Help Bitcoin, to provide trading technology for BTC marketplace

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NASDAQ Comes Forward to Help Bitcoin, to provide trading technology for BTC marketplace

This could be a major boost from NASDAQ to Bitcoin reach to the new places as according to this decision it is going to provide trading technology for Bitcoin marketplace. The news agency Reuters reports that NASDAQ OMX Group Inc agreed to provide a startup the core technology to power a marketplace for trading Bitcoin and related digital-currency assets.

Clarifying further the New York-based startup Noble Markets says that it will use NASDAQ’s X-stream trading system. It is used by more than 30 exchanges and marketplaces worldwide; thus, coverage won’t be an issue for the organization. Nonetheless, NASDAQ will also provide marketing support.

It is not that this is Bitcoin and stock markets are unfamiliar to each other. Earlier this year Bitcoin payments processor Coinbase, backed by the New York Stock Exchange, opened a regulated exchange in the United States for trading the virtual currency. Thus, it looks; Bitcoin is all set to move towards mainstream trading at large scales.

Joint Statement Issued by the Two Companies

In the joint statement issued by the Wall Street Journal, Noble Markets says that its platform will use NASDAQ’s X-stream trading system, a high-tech system for matching market participants’ orders that is used by more than 30 exchanges and marketplaces worldwide. At the same time NASDAQ says that it will provide marketing support.

Nonetheless, even Noble Chief Executive John Betts said that he believes NASDAQ’s involvement will help dispel investors’ concerns about the risks of trading in digital currencies. He clarified that as these are sophisticated organizations and any endorsement will have positive impact on the people for various reasons.

Bitcoin is reaching to New Regions and Segments of Markets

For instance, people think that as NASDAQ and similar organizations have done their due diligence, and if it’s good enough for them, it’s good enough for the customers as well. Nonetheless, launched in 2009, Bitcoin which lets people conduct transactions over the Internet has emerged as a popular choice among the users.

Though the virtual currency has come under regulators’ scrutiny in the United States and Europe following a series of high-profile scandals such as the bankruptcy of Tokyo-based Bitcoin exchange Mt. Gox and several attacks on various Bitcoin wallets, it is important to notice that the reach of the digital currency is global. It is being accepted by small and large companies.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com