Forbes: Nasdaq Grants Tech License to New Crypto Spot Trader

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Wed, 03/13/2019 - 14:40
Yuri Molchan
🔍✅Bcause, a crypto trading platform developer, intends to make use of Nasdaq’s Financial Framework and gets licensed by the trading giant
Forbes: Nasdaq Grants Tech License to New Crypto Spot Trader
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Bcause is building an ecosystem for a spot trading crypto exchange and is utilizing the platform run by Nasdaq. This was confirmed on Wednesday, March 13 in an interview with Forbes.

The CEO, Fred Grede, commented that Bcause and Nasdaq have a technology licensing agreement: the startup will be using Nasdaq’s platform for entering orders, their system for matching trades, etc.

Starting off with Nasdaq

Grede mentioned that he had already used the Nasdaq system several times in different spots of the world – in Asia mainly. He admits that Nasdaq provides top-of-the-range technology which has been utilized by over 250 trading companies globally. For this reason, he chose it for his own platform as well.

Bcause intends to begin with launching a spot crypto trading platform on Nasdaq’s basis. In the long term, the startup plans to add trading derivatives and crypto futures.

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Getting regulators’ approval

For this, Grede admits, his company will require a license from the US CFTC regulator. Thus, spot trading is the first and the easiest the platform intends to fire away with. Still, even this move will need a registration with FinCEN and then it all also depends on regulations regarding spot trading in particular US states. The platform expects to start with operating in 25-30 states and then later expand to 50.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.