Spot cryptocurrency marketplace Bcause has announced it will operate on Nasdaq’s trading technology as it prepares to launch its platform in the second half of this year.
Bcause claims to be the world’s first full-stack cryptocurrency ecosystem consisting of a digital mining facility, spot market, regulated derivatives exchange and clearing house. Upon launch, the company will operate its markets on Nasdaq’s matching engine, clearing and market surveillance technology through the Nasdaq Financial Framework platform.
At the same time, Bcause said that it has filed with the US Commodity Futures Trading Commission (CFTC) to establish a derivatives clearing organisation (DCO), as it looks to become a ‘one-stop shop’ for cryptocurrency trading.
“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,” said Paul McKeown, head of marketplace operators & new markets, market technology at Nasdaq.
“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.”
Bcause added that the surveillance technology from Nasdaq has also been designed to ensure it fits the needs of a crypto marketplace, allowing the company to monitor activity for manipulation and misconduct.
“We have tremendous respect for the Nasdaq brand and are honoured that we can deploy these robust, tried-and-tested platforms – customised to our unique markets – as the foundation of our technology,” said Fred Grede, CEO, Bcause.
“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.”