Nasdaq OMX Group Inc and Noble Markets announced today that bitcoin startup will implement Nasdaq’s X-stream trading technology in the upcoming marketplace.

The NASDAQ OMX Group will provide X-Stream trading technology for Noble Markets LLC., a start-up permitting companies to buy and sell cryptocurrencies and other digital assets, reports Wall Street Journal.

“The agreement follows other Wall Street initiatives that could pave the way for financial institutions to own and trade digital currencies, which fans say have the potential to make the global financial system more efficient but which have also been marred by price fluctuations, investment scams and cybersecurity concerns.”

As for Noble Markets, the company was co-founded by CEO John Betts, a veteran of electronic trading platform development at Goldman Sachs, Morgan Stanley and UBS, Brock Pierce, a digital market pioneer and veteran investor in the cryptocurrency world, and Chris Betz, an advisor on Alpha Pipe Inc.

According to Betts, the new company wants to surpass rivals in the market by providing much of the functionality they would otherwise build themselves. Moreover, Betts said that Noble’s aim is not to compete against Bitcoin exchanges, but to provide them liquidity.

In addition, Betts believes that services that use Bitcoin providing a more familiar experience to veterans of traditional financial backgrounds are really important, that’s why the NASDAQ technology has standard interfaces built on “20 years of intellectual property.”

“They [Bitcoin services] need counterparties that will provide the services they need to do business, and they have not had a counterparty that they’ve been able to trade Bitcoin with,” Betts added.

Regarding NASDAQ X-Stream trading technology, it will provide both the backbone to the marketplace and marketing support for the brand-new company. More than 30 marketplaces already use X-Stream, but this would be the first time it’s implemented in a cryptocurrency market.

John Betts said in the company’s press release:

“Noble was founded on the principal of bringing credible market structure and institutional trading expertise to the digital currency marketplace. All customers demand a fair and orderly market, the best possible pricing and confidence trades will be completed efficiently.

We are excited that Nasdaq shares our vision and commitment to support the development of this ground-breaking market. Our marketplace, powered by X-stream, allows us to leverage a proven and trusted venue that supports global trading worth billions of dollars reliably every day. We look forward to more exciting announcements over the comming months.”

Lars Ottersgård, NASDAQ’s executive vice president of market technology, stated that NASDAQ is going to continue supporting Noble’s efforts to use X-Stream technology:

“We are thrilled to work with the experienced industry veterans at Noble Markets and look forward to supporting their cutting-edge, new endeavor for the long term in addressing the needs of the digital currency space.”

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