Nasdaq, Inc.

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Nasdaq, Inc.
Founded Feb. 8, 1971
Headquarters New York, NY, USA
Key People Adena Friedman, CEO
Employees 4,325 employees
Products Exchange offering products covering multiple asset classes
Twitter @Nasdaq
LinkedIn Profile
Facebook Nasdaq
Website Nasdaq Home

Nasdaq (Nasdaq: NDAQ) is a global provider of trading, clearing, exchange technology, listing, information and public company services. Nasdaq is the creator of the world's first electronic stock market, and its technology powers more than 90 marketplaces in 50 countries, and 1-in-10 of the world's securities transactions. It is home to more than 3,900 listed companies with a market value of approximately $12 trillion and approximately 18,000 corporate clients.[1]

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Nasdaq and Cryptocurrency

Nasdaq's current CEO, Adena Friedman, said that she is "optimistic" about the future of cryptocurrency and blockchain/distributed ledger technology, and that it "feels like the right next step in the space of currency."[2] She also said in April 2018 that Nasdaq is open to launching a cryptocurrency exchange in the future, once the market "matures."[3][4] Then in June, Friedman said that cryptocurrencies are at "the height of hype," and that they will become a "financial element of the Internet."[5][6]

In late July, Nasdaq hosted a secret meeting in Chicago, Illinois. The meeting included representatives from traditional exchanges as well as cryptocurrency exchanges, including Gemini. The group discussed a number of issues in the current cryptocurrency trading space, including the need for adequate market surveillance, as well as the implications of future cryptocurrency market regulation.[7][8]

In late November Gabor Gurbacs, the director of digital asset strategy for investment management firm VanEck announced at Coindesk's Consensus: Invest conference that the firm had partnered with Nasdaq. According to Gurbacs, the purpose of the partnership was to "bring a regulated crypto 2.0 futures-type contract" to the cryptocurrency markets.[9] In a perhaps unrelated development, Nasdaq confirmed on December 3, 2018, that it would launch bitcoin futures in the first half of the next year.[10]

With a focus on digital transaction processing, machine learning and artificial intelligence, emerging marketplaces and data & analytics, Nasdaq Ventures is the funding arm of Nasdaq. On December 4, 2018, ErisX, a cryptocurrency futures and spot exchange, announced that Nasdaq Ventures had participated in its second, pre-revenue round of funding.[11]

In January 2019, Nasdaq and Citigroup Inc. led the series B round of investment for Symbiont. Other investors included Michael Novogratz's Galaxy Digital Holdings Ltd., as well as Raptor Group Holdings, an investment company backed by Jim Pallotta.[12]

Bitcoin and Ether Index Funds

In February 2019, Nasdaq announced that it had partnered with the New Zealand-based blockchain data and research firm Brave New Coin to create real-time indices for bitcoin and Ether, the native cryptocurrency of the Ethereum platform, on Nadaq's Global Index Data ServiceSM (GIDS). The bitcoin index will be called the Bitcoin Liquid Index (BLX), and the Ether index will be called the Ethereum Liquid Indes (ELX), according to the announcement. These indices will offer a "real-time spot or reference rate" for the price of both digital assets compared to the U.S. dollar, "based on the most liquid ends of their markets," and will be refreshed in thirty-second intervals. Nasdaq also said these indices will be calculated using an "independently-audited" method. [13]

In April 2019, Nasdaq announced that it was adding a cryptocurrency index for XRP, called the XRP Liquid Indes (XRPLX).[14]

Digital Assets Suite

Nasdaq introduced its Digital Assets Suite on June 24, 2020 in conjunction with the launch of its new Marketplace Services platform. The services support the life cycle of digital and tokenized assets from issuance through deliveries and payments. The company said that it is also collaborating with Microsoft on marketplace designs as well as selling the technology.[15]