Nasdaq the second largest stock exchange in the world, acquired Cinnober which is a famous Swedish financial technology group. This hints at a Nasdaq Crypto affliation as Cinnober is strongly affiliated in the cryptocurrency field.

Nasdaq the second largest stock exchange in the world, acquired Cinnober which is a famous Swedish financial technology group. This hints at a Nasdaq Crypto affliation as Cinnober is strongly affiliated in the cryptocurrency field.

The overall purchase was an all cash $190 million bid to Nils Robert Persson, the chairman of Cinnober. In response Cinnober which has large exchanges part of it’s portfolio such as Dubai Gold and Commodities Exchange enjoyed their shares rising by 27%.

CEO of Nasdaq, Adena Friedman said,

“The combined intellectual capital, technology competence and capabilities of Cinnober and our Market Technology business will expand the breadth and depth of our fastest growing division at Nasdaq. […] This acquisition will enhance our ability to serve market infrastructure operators worldwide, and will accelerate our ability to expand into new growth segments.”

Cinnober has partnerships such as BitGo, for a high performance trading solution for institutional investors.

The CEO of Cinnober was happy with the acquisition,

“I see the offer as the next step in Cinnober’s development as it will enable Cinnober and its highly talented employees to be even more successful in serving customers as well as expanding its technology and offering to even more customers and segments. I really believe in the strategic logic of combining Cinnober and Nasdaq’s Market Technology business also as it reinforces the strong technology foundation in Sweden.”

All fingers are pointed towards Nasdaq taking the crypto path next. It has already held a closed door meeting with cryptocurrency experts, where legitimization of cryptocurrencies were discussed. It also recently revealed bringing crypto data to the Analytics Hub which is a market research tool to make investment decisions.

Head of alternative data at Nasdaq, Bill Dague said,

“given the abundance of interest, we are exploring cryptocurrency related datasets.”

A name like Nasdaq hoping into the cryptocurrency bandwagon means legitimacy and competition into the industry which will also ensure the stock exchange takes advantage of the best technology.

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