The markets of Bcause, which is claimed to be the world's first full-stack cryptocurrency ecosystem, will operate on Nasdaq's matching engine, clearing and market surveillance technology through the Nasdaq Financial Framework platform.
Image: Bcause to launch on Nasdaq. Photo: Courtesy of Thought Catalog/Unsplash.
The technology is expected to go live in the first half of this year after the launch of the new Bcause spot cryptocurrency market.
Additionally, Bcause has also filed with the US Commodity Future Trading Commission to become a designated contract market (DCM) and to establish derivatives clearing organization (DCO).
Bcause claims that once trading and clearing of derivatives officially begins, it will become a one-stop solution for all parts of digital currency value chain, including digital mining facility launched in February 2018, to spot trading for digital assets, to a futures market and derivatives clearinghouse. These are pending regulatory approval.
The surveillance technology of Nasdaq is designed to ensure that surveillance protocols fit the needs of crypto marketplace. It will help the cryptocurrency platform to monitor its markets for manipulative activities, among other misconduct, thereby creating safer spot and derivatives markets for all the participants.
Bcause CEO Fred Grede said: “We have tremendous respect for the Nasdaq brand and are honored that we can deploy these robust, tried-and-tested platforms – customized to our unique markets – as the foundation of our technology. 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.”
Bcause was launched last year, with a cryptocurrency mining facility in Virginia Beach, Virginia. The company has its headquarters in Virginia Beach, with operations in Chicago.
Nasdaq senior vice president and market technology, marketplace operators & new markets head Paul McKeown said: “Bcause has methodically built a unique ecosystem that gives investors, partners and market players a holistic experience in tapping the cryptocurrency market and value chain.
“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.”