Crypto News | Nasdaq Crypto Tech to Hit Exchanges

On April 25, CNBC reported on Nasdaq’s openness towards becoming a cryptocurrency exchange sometime in the future. Adena Friedman, the CEO of Nasdaq, then said that the second largest stock exchange in the world is waiting for the market to become more regulated, so that the investors can rely on a fairer experience. While it sounded like a Nasdaq crypto exchange was still a long way off, Gemini was the first exchange to profit off of Nasdaq’s interest in the space by taking advantage of the company’s surveillance technology to monitor unusual trading activity. It seems that Nasdaq is still taking it slow, relying on partners to test the waters. On Monday, May 14, it was announced that the first cryptocurrency exchange to use Nasdaq crypto technology is slated for launch next month. The exchange in question will be a centralized crypto exchange called DX. Daniel Skowronski, the project’s CEO, characterized the upcoming exchange as a “one-stop-shop” where users will be able to exchange fiat and crypto, hold on to their tokens, and take advantage of extensive wallet services. At launch, the exchange will offer the top six cryptocurrencies for trade, namely Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Litecoin. Unfortunately, Nasdaq crypto exchange will be off limits for US customers at first, since they still need to work out some key issues with US regulators.

Trying to stay on the regulators’ good side is probably a good idea, as is, you know, not committing fraud. On Monday, May 14, a grand jury indicted Raymond Trapani, Sohrab Sharma and Robert Farkas, the three co-founders of Centra Tech, a controversial cryptocurrency company formerly endorsed by Floyd Mayweather. The three men were charged with conspiracy and the commission of securities and wire fraud. During the course of the investigation, the authorities seized more than $60 million. The Centra Tech co-founders misled investors by telling them that they have developed partnerships with VISA and MasterCard, which was a complete lie, according to finding by the SEC.

Meanwhile in Taiwan, Taipei Times, a local media outlet, reported on May 14 that the Taipei Fubon Commercial Bank has deployed a blockchain-based payments system, becoming the first bank in the country to do so. At the moment, the system is limited to merchants and restaurants near the National Chengchi University. Last year, the University signed a contract with the bank to conduct preliminary research and ultimately develop a blockchain payment network. Running on Ethereum, the system uses the Istanbul Byzantine Fault Tolerant (BFT) consensus protocol, reducing payment costs and cutting transaction times to under one second. 

Other banks are also actively researching blockchain technology and what it can do. New findings by Morgan Stanley researchers suggest that cryptocurrencies could help alleviate the negative consequences of a financial crisis like the one from 2008. In case a major financial crisis takes places, central banks could utilize cryptocurrencies to shape monetary policies by enabling deeper negative interest rates than ever before. Slashing interest rates was also used during the last financial crisis to mitigate its impact. However, for the proposed solution to work, the monetary system would have to be 100% digital. So, not yet, but in the future, who knows?

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Author: Max Rothstein

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