A closed-door meeting was held earlier this week in Chicago where representatives from a half a dozen companies — both traditional platforms as well as Cameron and Tyler Winklevoss’s digital asset exchange Gemini and other crypto-related firms — met with officials from Nasdaq Inc. to discuss industry regulation moving forward.

Nasdaq Meets with Crypto Industry

According to a person familiar with the meeting, the focus was to encourage the industry to do things that will improve its image, increase crypto adoption, and validate its potential role in global financial markets. Among topics discussed were the implications of future regulation for cryptocurrencies, what the necessary tools are moving forward, and what surveillance will be needed.

Nasdaq believes that moves to work together on both sides of the aisle will help the crypto industry on its path to further legitimacy. According to Bloomberg, Gemini did not return requests for comment. A Nasdaq spokesperson declined to comment too, but did confirm that the meeting took place.

Nasdaq CEO Adena Friedman has been outspoken about the need for regulation, and her firm has already partnered with a number of crypto exchanges to collaborate on several of these issues. Specifically, Nasdaq disclosed this week that it’s supplying technology to five crypto exchanges, including Gemini and SBI Virtual Currencies.

“I do believe that over time we’re going to find that there is really utility [in cryptocurrencies],” Friedman told Bloomberg in June.

According to the person familiar with the matter, this will not be the last meeting of this nature. They reiterated that there will be an ongoing dialogue among the participants. Due to its history of illiquidity, theft, fraud, and the lack of custody services, Wall Street and other institutional investors have been somewhat slow to move into the space. Fortunately, with moves like this, things look set to change.

Gemini Hires Ex-NYSE Chief Information Officer

Several months ago Gemini hired Nasdaq to conduct market surveillance for Bitcoin and Ether trading as well as the auction that helps price Cboe Global Markets Inc.’s Bitcoin futures.

Also of note is that in early July Gemini announced that it had hired its first Chief Technology Officer, Robert Cornish, who previously served as the Chief Information Officer at the New York Stock Exchange (NYSE). Cornish is expected to start his role at the exchange later this month.

According to the company’s CEO, Tyler Winklevoss, Cornish will help realize Gemini’s goal of becoming the go-to cryptocurrency platform for institutional investors. He said:

“He will ensure that Gemini continues to deliver the best platform experience to our customers possible and set the standards of excellence for the cryptocurrency industry as a whole.”

As more institutional money pours into the cryptocurrency space, one of the most pressing tasks is to build professional-grade platforms that provide the level of security that such institutional players are used to, and the hiring of those experienced in traditional asset trading is one of the first steps towards realizing this.

Winklevoss went on to talk about his hopes for Gemini’s latest hire:

“Rob is globally recognized for his abilities in leading high-performing engineering teams, his expertise in exchange and matching-engine architecture, and running high-throughput platforms that are both secure and resilient.”

Featured image from Shutterstock.