Bcause picks Nasdaq for market surveillance cause
Bcause’s markets will operate on Nasdaq’s matching engine, clearing and market surveillance technology via the Nasdaq Financial Framework platform.
Nasdaq will help introduce new micro-services and expand its business offerings
The technology is expected to go live in the first half of 2019, which will mark the launch of the new Bcause spot cryptocurrency market.
“I fully expect that our markets will attract a broad range of users, from those who are already quite active in the financial markets and familiar with Nasdaq technology, to a new breed of investors wanting to participate in the growing cryptocurrency marketplace,” says Fred Grede, CEO, Bcause.
“By leveraging the Nasdaq Financial Framework, Bcause will have the scalability and modular functionality to introduce new micro-services and expand its business offerings to meet industry demands and the evolution of the digital assets economy,” says Paul McKeown, SVP and head of marketplace operators and new markets, market technology, Nasdaq.
In addition, Bcause has filed with the US Commodity Futures Trading Commission to become a designated contract market (DCM) and to establish a derivatives clearing organisation (DCO).
Bcause says it will serve as a one-stop shop for all parts of the digital currency value chain: from its digital mining facility launched in February 2018, to spot trading for digital assets, to a futures market and derivatives clearing house which are pending regulatory approval.
The surveillance technology powered by Nasdaq is designed to ensure that surveillance protocols help Bcause monitor its markets for manipulative activities.
