Three weeks ago, Bloomberg reported on a secret meeting that took place in Chicago between Nasdaq and many other companies in the cryptocurrency space. This meeting, among other conversations, were able to end in agreements that could shape the space for years to come.
Gemini and Nasdaq Work Side by Side
As two different sources that are very close to Gemini and the Winklevoss twins, says that the famous virtual currency exchange is working very closely with nasdaq. The main intention behind it is to list tokens and, also, provide liquidity to the global crypto market.
Additionally, both sources commented that there is a clear intention from Nasdaq to list important virtual currencies in the market for trading.
The Gemini source said:
“Tyler and Cameron have moved the ball down the field in a meaningful way. Nasdaq, and its leadership, already are predisposed to finding an architecture solution and being the first to list actual tokens.”
The source stated that the intention is not to offer just exchange traded funds (ETFs) or some kind of ‘derivatives,’ instead, they want to actually list some virtual currencies.
Some investors believe that it could happen sooner than later, but it will for sure revolutionize the market.
Another Gemini source was very specific about the date in which Nasdaq plans to add support to virtual currencies. Moreover, it said that there would be a joint venture between the famous exchange and Nasdaq.
“Nasdaq and Gemini have gotten very, very comfortable with each other,” explained the source.
“Did you guys catch the little note in one of the latest articles where it said that Gemini was essentially doubling their staff by the end of this year? There is a reason for that and it is their work with Nasdaq. If you made me ta e a bet on it, I’d put money on their being a joint venture of some sort that sees several tokens listed and available to the public to trade on the Nasdaq by Q2 of 2019.”
It seems that Nasdaq wants to enter the game and compete with the CBOE, the CME and the Intercontinental Exchange (ICE). Big players are starting to place their bets and the infrastructure is being built for institutional investors to enter the market.
If Nasdaq wants to help the virtual currency market, it will have to tackle inefficiencies in the space, and this is one of the main points that the Winklevoss twins are trying to solve.
At the moment of writing this article, Gemini is the 42nd most important virtual currency exchange in the market. It has six different trading pairs and has a trading volume of $26 million dollars. The two most important markets are BTC/USD and ETH/USD accounting for more than 95% of the total trading volume.