A bright future for cryptos: Germany’s biggest exchanges and Nasdaq to list BTC and ETH in 2019
According to a recent ICO Journal report, “a trusted NASDAQ source” suggested to the publication that Nasdaq, currently the second-biggest stock exchange in the world by total capitalisation, might be getting ready to list the main cryptocurrencies such as Bitcoin and Ethereum as soon as Q2 of 2019.
This “trusted NASDAQ source” allegedly wrote: “The conversation around listing coins has centered on how they will be classified from a regulatory standpoint. As you can imagine, our leadership is closely connected to the rumbling at the SEC and CFTC around cryptos and what is expected over the next 3–6 months. Even with the longest of time frames assumed, some guidance will be provided and I expect we will act quickly. The framework (two different sets of framework based on two different regulatory outcomes) has already been laid to create a separate silo for coin listings and a robust trading apparatus. Doing the math here, look for regulatory bodies to provide guidance in Q1 of 2019, and an announcement and a ‘coin exchange’ to either be announced or launched in Q2 of 2019.”
The report follows Nasdaq CEO Adena Friedman interview early this year with CNBC’s Squawk Box, when she said: “I believe that digital currencies will continue to persist, it’s just a matter of how long it will take for that space to mature,” Friedman said. “Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly Nasdaq would consider it.”
In July, Bloomberg reported on an alleged “closed-door event” held by Nasdaq in Chicago, “with representatives from about half a dozen companies, including traditional exchanges as well as Gemini and other crypto markets,” which set out to “encourage the industry to do things that will improve its image and validate its potential role in global markets.”
The perspective suggested by these reports, Nasdaq possibly listing cryptocurrencies such as Bitcoin and Ethereum in 2019, reinforces the idea that the current uncertainty experienced by the crypto markets, is due to the necessity for a more widespread and accepted regulatory framework, and that the growing interest from mainstream institutions such as Nasdaq will be greatly beneficial to overcome the current impasse and help cryptocurrencies to be legitimised among the financial landscape at large.
Some big European institutions are moving along in this very direction. In particular in Germany, where Deutsche Börse Group has just announced the creation of a 24-member team “to co-ordinate its blockchain-based activities across the group.” Deutsche Börse Group is Germany’s largest stock-exchange operator, a marketplace organiser for the trading of shares and other securities, with a market capitalisation of 1.4 trillion EUR.
Jens Hachmeister, Managing Director, DLT, Crypto Assets and New Market Structures of Deutsche Börse Group, who is heading the initiative said: “Looking at the pace of technological progress and the transformational potential that lies in Blockchain, we probably stand at the beginning of a new era that could be disruptive for the whole industry.”
Earlier this year, Börse Stuttgart, Germany’s second largest stock exchange, announced its plans to build an end-to-end infrastructure facilitating cryptocurrency trading, “establishing a multilateral and regulated trading venue for cryptocurrencies.” Alexander Höptner, Spokesman of the Management Board of Börse Stuttgart, explained how at “the trading venue tokens issued via our ICO platform can be traded on the secondary market. This is an important success factor for ICOs,” announcing that cryptocurrencies like Bitcoin or Ethereum will also be traded, he said: “we will help to promote acceptance of digital assets.”
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