The official announcement

What is Cinnober?

Cinnober is a major Swedish financial technology group and clearing houses globally. The firm has recently partnered with BitGo Blockchain security company which offers enterprise-grade Bitcoin wallet solutions. By partnering with BitGo, Cinnober can employ BitGo’s wallet technology to provide end-to-end institutional grade solution.

In a statement, Nasdaq said it would acquire Cinnober through a recommended public cash offer. It further notes to offer all outstanding Cinnbober shares at $SEK 75/share and warrants at a price of SEK 85/warrant. However, Cinnober closed at SEK 61.5/share.

Cinnober’s acquisition effort strengthen Nasdaq to get into cryptocurrency trading. The statement justifies because Cinnober’s BitGo platform best suits for large institutional investors in Nasdaq.

According to President and CEO of Nasdaq, Adena Friedman, which is bullish on blockchain and cryptocurrencies;

“The combined intellectual capital, technical competence, and capabilities of Cinnober and our Market Technology business will expand the breadth and depth of our fastest growing division at Nasdaq. Not only have the global capital markets continued to evolve rapidly, but new marketplaces in various industries are also demanding market technology infrastructure that enables rapid growth and scale as well as access to tools to promote market integrity. This acquisition will enhance our ability to serve market infrastructure operators worldwide, and will accelerate our ability to expand into new growth segments.”

Furthermore, Cinnober’s cryptocurrency custodian service is the key reason for the acquisition. Nils-Robert Persson, founder, and chairman of Cinnober appreciate the deal and notes that “it reinforces the strong technology foundation in Sweden”.

Amidst cryptocurrency regulations and intense fluctuations in the price of Bitcoin, leading firms are paving the ways in cryptocurrency trends. Nasdaq acquisitions of Cinnober is yet another move in the race of legitimizing cryptocurrency trading across the world.

Image courtesy of Nasdaq

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