The firm revealed March 13 that it would be utilizing Nasdaq’s clearing, matching engine, and market surveillance tools over the Nasdaq Financial Framework platform to run a spot cryptocurrency market, to be rolled out within the coming months.
Bcause has also applied to launch a derivatives clearing organization and become a designated contract market with the U.S. Commodity Futures Trading Commission (CFTC).
The press release stated that Bcause intends to be the only “one-stop shop” to facilitate a spot trading market, a futures/derivatives clearinghouse, and a crypto mining facility, as soon as regulators authorize the firm.
Paul McKeown, Nasdaq’s senior vice president and head of Marketplace Operators and New Markets, said that Bcause “has methodically built a unique ecosystem that gives investors, partners and market players a holistic experience in tapping the cryptocurrency market and value chain.”
“By leveraging the Nasdaq Financial Framework, Bcause will have the scalability and modular functionality to introduce new micro-services and expand its business offerings to meet industry demands and the evolution of the digital assets economy,” he added.
Frede Grede, CEO of Bcause, stated that his firm is “honored” to utilize its technology for its forthcoming services.
Specifically, Nasdaq’s surveillance technology intends to guarantee that Bcause can track illicit behaviors or market manipulation, creating a safer spot and derivatives markets for the company’s clients.
“I fully expect that our markets will attract a broad range of users, from those who are already quite active in the financial markets and familiar with Nasdaq technology, to a new breed of investors wanting to participate in the growing cryptocurrency marketplace,” Grede said.