By
Mayowa Adebajo
March 12th, 2024
Nasdaq reveals plans to upgrade existing financial system with the help of blockchain.
Blockchain is gaining support of Wall Street. Many companies start using it in order to improve financial services. Nasdaq didn’t conceal its interest in bitcoin underlying technology and started developing plans of using it long ago.
At the end of spring it revealed that it had already been experimenting with blockchain in order to apply it for stock market. Robert Greifeld, Nasdaq CEO, called blockchain a natural digital evolution for managing physical securities. In his opinion the technology has enough potential to be beneficial not only for our clients but for the broader global capital markets.
Now Nasdaq has won support of Chain, a reliable blockchain infrastructure provider, to make plans come true. The partnership was announced last month. Both companies sounded optimistic about forthcoming cooperation.
Nasdaq explains that they are going to use blockchain to issue and transfer shares. The technology is expected to accelerate and simplify the process of trading. Recent Greenwich Associates survey shows that 94% of Wall Street experts support using blockchain in the sphere of finance. Robert Greifeld insists that the question is of great importance for Wall Street as far as “benefits for the industry are immense and cannot be ignored”.
Chain is not the only partner of Nasdaq in its intention to make the most of blockchain. Greifeld confidently announce future plans: “We are going to launch further blockchain initiatives in the future. The application of blockchain technology within Nasdaq’s private market aims to modernize, streamline and really secure cumbersome administrative functions”.
Earlier this year Nasdaq announced that Bitcoin Tracker One, a tracker certificate that uses the Bitcoin as underlying asset, had started trading at Nasdaq Stockholm exchange. Bitcoin Tracker One was issued by Stockholm-based company XBT Provider that admitted to be extremely proud to offer the world’s first Bitcoin tracker to be traded on a regulated exchange. Bitcoin Tracker One came on the market in May.
Nasdaq admits that the company is constantly seeking for new ways of improving financial system: “Innovation has always been–and will continue to be–part of our DNA. Today, the company is firmly established as a technology provider and strives to be the leading technology, trading, and intelligence provider to capital markets.”
Blockchain is definitely winning votes of world’s leading structures. Last month Symbiont managed to raise $1.25 million from such financial giants as Duncan Niederauer, former New York Exchange chief, former Citadel LLC executive Matt Andresen and others for its plans to revolutionize assets transfer between buyers and sellers. Thus blockchain promises to rebuild financial services soon.