As Davos ensues, the future of cryptocurrency is on the table ahead of discussion. One of the most recent to weigh in was Nasdaq CEO Adena Friedman. To summarize her thoughts, Friedman believes the crypto market could either become the internet or the segway. Time will tell.
Nasdaq has begun to deploy blockchain technology to aid in transparency and even the mutual fund industry in Sweden, which is mentioned below.
Friedman said that she believes Satoshi’s invention “deserves an opportunity to find a sustainable future in our economy.” That, she says, will depend on governance and regulatory clarity both “antithetical” to a “decentralized, ungovernable” currency.
“It is difficult to ignore the huge amount that investors, including some of the most sophisticated global investors, have poured into digital currencies in recent years.”
For Nasdaq, says Friedman, its about gaining investors trust in cryptocurrency by implementing its trade technology and integrity. The Winklevoss twin’s Gemini exchange uses Nasdaq’s software. Nasdaq has also contributed to Singapore’s efforts to settle tokenized assets and invested in the Wall Street ErisX crypto-exchange. It has also partnered with VanEck to roll out bitcoin futures trading in early 2019.
I’m at #WEF2019 and looking forward to the many discussions this week. This year I’ve taken some time to write about my thoughts on the market developments I’m watching in 2019 #Davos2019 @wef https://t.co/M7dhke2UoN pic.twitter.com/0Wp8EGKErD
— Adena Friedman (@adenatfriedman) January 20, 2019
Here is a lengthy quote with her conclusion:
And yet, as with exchanges, transparency and fairness are the keys to trust, and without some level of oversight and regulation, it is not possible to demonstrate a level of transparency and fairness that will build trust. At Nasdaq, we are working to help cryptocurrencies gain investors’ trust by offering our technology for trade matching, clearing, and trade integrity to start-up exchanges. We have also invested in ErisX, an institutional marketplace for cryptocurrency spot and futures. While this year will be another proving ground for cryptocurrencies, we believe digital currencies will have a role in the future.