NASDAQ teams up with Gemini exchange for crypto support

One of the largest stock exchanges in the US, NASDAQ, has announced support for Bitcoin BTC, Litecoin LTC, and Stellar Lumens XLM.

NASDAQ will make its debut into the cryptocurrencies market with additional future plans to set up a new cryptocurrency exchange of its own.

According to NASDAQ CEO, Adena Friedman, development of their new digital assets platform is already underway.

Friedman didn’t reveal any timelines for a release date, however.

This level of support from the upper echelons of the financial institution will undoubtedly bring positive change to the crypto market.

The Winklevoss effect

NASDAQ is teaming up with the Winklevoss Twins’ Gemini exchange to dip their toes into the cryptosphere.

Gemini is the first licensed exchange platform in the United States, which is an obvious draw for the 47-year-old stock exchange.

The partnership will allow Gemini to utilize NASDAQ’s tools and technologies to augment security and monitor trade activities in real-time.

The stock exchange will back the digital currencies whilst working on developing their own cryptocurrencies exchange platform.

Good news for Bitcoin, Litecoin, and Stellar

Stellar Lumens (XLM) has remained fairly consistent in a turbulent market over the last week.

Staying steady in the current climate has been mainly thanks to news of collaborations with big firms like IBM and Kin Foundation among others.

Stellar is currently the 8th largest crypto with a market cap of around $5 billion, according to the live price charts.

The world’s 6th largest crypto, Litecoin (LTC) is also to be backed by NASDAQ.

Founded by ex-Google and Coinbase developer Charlie Lee, Litecoin is the result of a fork from Bitcoin.

The coin is popular for its faster processing speeds and lower transaction fees than Bitcoin.

Backing for Bitcoin from NASDAQ is also no surprise.

The world’s largest cryptocurrency by market cap is also the oldest and most widely supported digital asset available.

With a market capitalization of around $125 billion at time of press, no other virtual currency even comes close to its size or dominance of the space.