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Bcause LLC, a company that builds the world’s first full-stack cryptocurrency ecosystem, plans to use Nasdaq’s matching engine to operate its markets. The company announced their plans in a press release on March 13.
Bcause will use Nasdaq’s matching engine, clearing and market surveillance technology via the Nasdaq Financial Framework platform. The technology will go live in the next few months alongside the launch of the new Bcause spot cryptocurrency market.
Paul McKeown, Senior Vice President and Head of Marketplace Operators & New Markets at Nasdaq, said:
“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 asset economy.”
Cryptocurrencies have been expanding exponentially in recent years, both in their prevalence in existing markets and branching out to countries across the world, leading to a situation where many believe crypto is here to stay. However, the infrastructure that supports crypto is still in its infancy and in order to avoid any disasters that would knock the reputation of digital currencies, the market needs to further mature. This means we need a clear understanding of what irregular activity or manipulation of the platforms look like and strong surveillance is necessary.
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.”
It is clear that Bcause has some ambitious goals and an enthusiasm surrounding their crypto technology. The company has also applied for a license from the US Commodity Futures Trading Commission (CFTC) with the aim of becoming a designated contract market.
Bcause is a Designated Contract Market that enables users to invest in regulated futures and options for cryptocurrencies. The company was founded in 2013 and is headquartered in Virginia Beach, VA. It began Bitcoin mining services shortly after. In 2015 the company raised $1 million and reduced its crypto mining dependency due to a shift in the economic model. In 2017 it raised additional $5 million and established an office in Chicago, growing the organization. In 2018 they opened a highly secure digital mining facility in Virginia Beach.
This isn’t the first crypto-friendly move by the Nasdaq. In addition to its CEO’s favorable remarks regarding crypto, it has also just recently announced on a collaboration with Brave New Coin in order to launch Bitcoin and Ethereum indices.