NASDAQ CEO bullish with crypto! Adena Friedman, the President and CEO of Nasdaq Inc., says that cryptocurrency “deserves an opportunity to find a sustainable future in our economy.” She said these in a post on LinkedIn, published on January 20th, 2019.
This post was written ahead of the World Economic Forum at Davos which opens today. Friedman stated that Nasdaq believes that cryptocurrency will have a role in the future. She characterized cryptocurrency as “the invention itself [as] a tremendous demonstration of genius and creativity.”
So far, crypto has evolved through the “classic invention lifecycle” – from the early days of cryptocurrency that was forged by pioneers in cryptography and economics, a period of hype, and most recently, a dose of reality. According to Friedman, Crypto now stands at a crossroads – one of two outcomes is possible.
“1) Either the innovation finds practical utility followed by years of steady and sustainable commercial progress and integration into the economic fabric (e.g., the Internet); or
2) The invention fails to achieve broad adoption and its commercial applications as medium of exchange are limited (e.g., the Segway).”
Friedman argued that crypto must evolve into a practical, useable invention with stable value. In order for this to happen, crypto requires “governance and regulatory clarity.” She also suggested that both of these are, at their core, “antithetical to the original intent of a decentralized, ungovernable global currency.”
Friedman pointed out that Nasdaq has provided its in-house technology to help cryptocurrency exchanges establish best practices to fill the need of transparent and fair exchange markets for cryptocurrency.
Nasdaq has provided its SMARTS Market Surveillance Technology to major exchanges, including the Winklevoss Twins’ Gemini exchange. SMARTS allows the platform to monitor suspicious trade behavior to help prevent market manipulation. On this end, The Winklevoss Twins also agree that cryptocurrency needs regulations for healthy growth.
ErisX, an institutional marketplace, recently raised $27.5 million from Nasdaq Ventures and Fidelity Investments.
What do you think? We know Big players are starting to move in. Better exchanges are coming online soon. Where will you be when the next Bull Run happens? Let us know on our Facebook page!
