The headline goes that NASDAQ has aligned with 7 cryptocurrency exchanges raising a question whether it is good or bad for investors of the new age asset class. While some reactions indicated positive about the working, there are others who think differently in their comments in Reddit. Similarly, there are people who are expecting more clarity on the alliance having seen the worst performance of the digital coins’ market in 2018.
Supplying Technology
A Reddit user indicated that the technology bourse is only supplying the seven cryptocurrency exchanges with technology for price monitoring and trade activity. By working with NASDAQ, they could possibly get the certification from the stock change. Responding to this post, another Redditor believes that it is a good thing for the overall sector citing the market is soaked with manipulation. Therefore, if the alliance helps the emerging asset class exchanges to remove that tag, then it is a good thing for the overall market.
In its response, ‘Thethirdtoken’ post said “It’s my understanding it isn’t easy to get this info or qualify for it, from NASDAQ. It isn’t as easy as calling them up and having them email it over; it’s very exclusive.” However, the entire working of NASDAQ with exchanges was termed as one more partnership in the cryptocurrency market. That is because it is not restricted to this sector alone pointing out that “NVIDIA is advertising something all monitors will eventually have as their own exclusive technology.” In short, if the stamp of approval is needed, there is also the issue of spending.
No Guarantee
Another Reddit post indicated that working with seven cryptocurrency exchanges does not mean that there is a guarantee for something since NASDAQ might be ‘borrowing some engineering.’ For supporting the argument, the past reference for working with Amazon was cited in some of the initial coin offerings (ICOs) previously. There could be a possibility that the working might be similar to Vechain aligning with McDonald’s meant “to feed their staff Imao.” Strangely, vechain bagholders failed to term this as a scam.
According to a Forbes report, a group of 20 help in the due-diligence process to ensure that any exchange could use the technology to detect fraudulent transaction patterns. If any of the cryptocurrency exchanges passes the test, they will get access to the NASDAQ surveillance technology to protect from manipulation and fraud as much as possible. This involves the exchanges footing the bill too. The working with seven digital coin exchanges meant that these exchanges had passed the test. It can be used as a tool to attract not only traders but also institutions citing the NASDAQ technology assurance.
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