NASDAQ: Support For The Top 6 Market Cap Cryptocurrencies in a New Exchange
Litecoin [LTC], Stellar Lumens [XLM], and Bitcoin [BTC] got a jolt yesterday when the NASDAQ confirms their coming support for the top 6 market cap cryptocurrencies. The exchange will make its debut in the digital asset market with plans for a future crypto exchange, in partnership with Gemini and the Winklevoss twins.
The plans to develop the platform are underway, as the high-profile CEO, Adena Friedman confirmed, whereas no timelines have been released to date. This could raise the bar and change the entire crypto-sphere in a highly positive way.
According to some news reports, Nasdaq is supposedly backing up the aforementioned currencies with a popular partner, the Gemini exchange which is the first in the country to be completely licensed exchange platform. Their partnership looks at allowing Gemini to use Nasdaq’s tools and technologies to monitor real-time trade activities and augment security.
Stellar Lumens [XLM] has been appreciating significantly in recent days for its fairly good performance in the market and for grabbing many big deals like collaborations with IBM and Kin Foundation among others. XLM is at the moment the 8th largest cryptocurrency based on market cap, displaying consistency and stability in the volatile market.
The other currency to be backed by the exchange is the world’s 6th largest cryptocurrency, Litecoin. The current trading value for Litecoin is $119.66 with no major loss or gains. The market cap stands at $6.79 billion and is popularly known for its low fees and for being accepted widely in various stores and websites.
Bitcoin, the biggest currency in the world that has ever been created since the crypto-market came into existence is also being supported by Nasdaq. With a $128.9 billion market cap and no other currency close to the numbers, it has been ruling the market ever since it came to light.
This type of forward thinking by NASDAQ will give it a leg up in trading volume versus its global competitors. And the partnership created by the Winklevii continues to further promote the moves they make are to be closely monitored and are setting institutional standards that competitors envy.
Though the timing of this initiative remains a question mark it is clear that NASDAQ is fully committed to the crypto movement.