The global securities marketplace Nasdaq will launch two new indices to track the price of bitcoin and ethereum.
Nasdaq gets more involved with cryptocurrencies
Cryptocurrencies and blockchain become a bigger part of our society every day. Many major players look into different possibilities in how this new technology can help to evolve the business. The tech giants Alibaba group and IBM lead the way when it comes to blockchain patents and has applied for almost 100 each.
Another major company who are at the forefront is Nasdaq. A couple of months ago they decided to help the crypto industry to fight fraud and market manipulation. However, they did not stop there. They also invest in blockchain startups and made their biggest investment yet a few weeks ago. They invested $20 million in Symbiont INC. Nasdaq will explore new business opportunities and utilise Symbiont’s enterprise blockchain and smart contract platform.
While they look into opportunities for themselves, they also work together with seven crypto exchanges. Nasdaq offer exchanges a new surveillance technology to help them control their exchanges in a better way. So far, only seven exchange have passed the test. Only two, SBI Virtual Currency and Gemini, have been publicly acknowledged. As cryptocurrency exchanges aim to attract new users, Nasdaq’s technology becomes a must-have.
Nasdaq announces real-time bitcoin and ethereum prices
The most recent news from Nasdaq is they will launch two indices that will track cryptocurrency prices. The Bitcoin Liquid Index (BLX) and the EthereumLiquid Index (ELX) offers real-time price updates in thirty-second intervals for clients using NASDAQ’s Global Index Data Service (GIDS).
BLX and ELX are the product of United States blockchain and the market data company Brave New Coin. Nasdaq states:
“The Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) are each designed to provide a real-time spot or reference rate for the price of 1 BTC and 1 ETH respectively, quoted in USD.” The indices use the IOSCO principles. The BLX is one of the most widely-referenced BTC indices among crypto traders and calculates prices back to 2010. Likewise, the ELX to 2014.”
A reason many companies look into cryptocurrencies and blockchain could be because of our existing financial system. A while back, a British politician stated that banks are broke. Because of our financial system, which is unsustainable, the banks do not have any money according to Godfrey. More reason news reveals that the US debt exceeds $22 trillion which might be another reason the world needs bitcoin.
Source of news: Toshi Times
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