Bcause LLC, a Virginia Beach, Virginia-based cryptocurrency startup, as per recent press reports, has announced to operate its markets on the Nasdaq Matching Engine, via the Nasdaq Financial Framework platform.
As per reports from Bcause, the technology is expected to go live in the first half of 2019, also embarking the launch of the new Bcause spot cryptocurrency market.
According to Fred Grede, CEO, Bcause, the startup is affirmative that the spot cryptocurrency market is bound to attract a broad range of users, from already quite active in the financial markets and familiar with Nasdaq technology, to a completely new breed of investors and enthusiasts who’re eager about cryptocurrency and its growing marketplace.
According to Paul McKeown, SVP and head of marketplace operators and new markets, market technology, Nasdaq, the Nasdaq Financial Framework will enable Bcause to have scalability and modular functionality, which in turn will help them introduce new micro-services and expand their business offerings to meet industry demands and the evolution of the digital assets economy.
Bcause, also has filed with the US CFTC (Commodity Futures Trading Commission) to become a designated contract market (DCM) and to establish a derivatives clearing organization (DCO). The cryptocurrency startup claims to serve as a one-stop shop for all parts of the digital currency value chain: from its digital mining facility launched early last year, in Feb. 2018, through to spot trading for digital assets, to a futures market and derivatives clearing house whose regulatory approvals are pending.