Nasdaq, a major US stock exchange, has partnered with R3, a blockchain-based enterprise software firm, to build an “institutional-grade” digital asset marketplace.
Per Wednesday’s announcement, the collaboration between the two companies is for a long-term and non-exclusive and Nasdaq will leverage R3’s Corda blockchain for its market technology business.
Commenting on the partnership, Johan Toll, head of digital assets for market technology at Nasdaq, said: “This collaboration between Nasdaq and R3 is another important milestone in Nasdaq’s continuous development of technologies that support the creation and growth of dynamic, trusted digital asset marketplaces. R3’s Corda platform will fit well into Nasdaq’s technology ecosystem and partnership strategy and allow us to harness the power of scalable design and a new level of interoperability.”
Making a reliable market infrastructure
With this partnership, Nasdaq is aiming to make its digital asset marketplace more transparent to align with its capital markets counterparts.
Nasdaq is already providing its trading market infrastructure to various digital currency exchanges, along with clearinghouses, central securities depositories, and regulators.
Meanwhile, R3’s Corda is also being used by major market players. Recently, SBI tapped the blockchain infrastructure for sharing transaction history with its forex trader.
“Financial institutions are becoming increasingly aware of the huge potential for servicing the needs of digital assets. We can help them accommodate these assets with solutions that are designed for more secure, reliable and regulated environments, ” Cathy Minter, chief revenue officer at R3, added.
“Together with Nasdaq, we will provide a world-class platform on which digital asset markets can be built, helping to rapidly accelerate the growth of these markets and others around the globe.”