Gemini and Six Other Cryptocurrency Exchanges Teaming Up with Nasdaq

  • Alex Morris
    📰 News

    Apart from footing a huge bill, these exchanges had to prove that they are (technically and morally) ready to cater to the needs of institutional clients


Gemini and Six Other Cryptocurrency Exchanges Teaming Up with Nasdaq
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Forbes reports that Nasdaq, the second largest stock exchange in the world, is cooperating with seven cryptocurrency exchanges that are interested in using its proprietary surveillance technology. So far, only the names of two exchanges have been revealed — Gemini and SBI Virtual Currency.

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Nasdaq Ventures into Bitcoin Futures

Bags of cash won’t be enough

Collaborating with Nasdaq is not an easy feat given that all exchanges have to undergo a painstaking vetting process in order to prove their technical capabilities and moral readiness. Yes, Nasdaq’s software isn’t cheap, so the contenders are also expected to shell out a sizeable amount of money. However, plenty of exchanges are willing to check all these points given that the powerful software, which helps track fraudulent transactions, could be a boon for attracting institutional investors.

A meticulous vetting process

Tony Sio, who spearheads Nasdaq’s regulatory surveillance team, claims that it’s not typical of them to require such an elaborate due diligence, but it’s a surefire way to deal with little-known startups. The exchanges are evaluated according to three parameters: Business Model, KYC/AML, and Governance.  

Each of these sections contains respective questions that are supposed to prove the company’s eligibility. For instance, the Governance section sheds light on the exchange’s asset listing policies. Only a few exchanges, such as Coinbase and Poloniex, are being transparent in that department while many others give ground for ‘pay-to-play’ allegations.

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Trading Expert Predicts Enormous Gains for Ripple’s XRP Price


Trading Expert Predicts Enormous Gains for Ripple’s XRP Price
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Ripple’s XRP could be on the cusp of another major price rally, according to trading expert Crypto Thies. Based on his technical analysis, the XRP price could witness “enormous gains” in the short-term.

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XRP takes a hit  

Piers Morgan’s catchphrase “One day you’re cock of the walk, the next you’re a feather duster” is very relatable to the cryptocurrency market. After stagnating for weeks, the price of XRP suddenly surged by more than 43 percent USD-wise on May 14-15 once Coinbase opened up trading in New York. XRP was the best-performing cryptocurrency in the top 10, but the rally didn’t last long.     

On May 17, XRP recorded an intraday low of $0.359 after its price tanked by more than 25 percent. All major altcoins collectively took a hammering on Friday after the Bitcoin price suddenly experienced a 20 percent drop, which was allegedly caused by market manipulations.

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A dicey situation

The blow was too hard for XRP to rebound. At the time of writing, it is trading at $0.369 after yet another 3.32 percent price decrease over the last 24 hours, according to CoinMarketCap data.  

Now, XRP is facing its make-it-or-break-it moment. If its price breaks below the $0.340 level, things could turn ugly for Ripple’s native token with its next downward target being significantly lower. Trading expert Peter Brandt earlier suggested that a huge price drop would be almost inevitable if that’s the case.

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