The crypto world is still recovering from its checkered history, whereby Bitcoin was mainly used on the dark web to purchase illegal goods and services. However, those days are behind us and the crypto world has turned over a new leaf in many ways. Bitcoin and its fellow altcoins are pushing to be used in the mainstream world harder than ever before. Adoption levels of cryptocurrencies are climbing every day, with new merchants proudly flying the Bitcoin flag.
Making up part of the traditional financial system that typically opposes crypto, NASDAQ wouldn’t publicly want to be seen meeting with top crypto minds. Yet, as the crypto world becomes larger and more influential, it would be advantageous for the stock exchange to get involved with crypto and partner with blockchain firms.
Secret Meetings Remain Hush-Hush
According to Bloomberg, earlier this week a number of high profile individuals from traditional exchanges such as NASDAQ, crypto exchanges, and the crypto world held a secret meeting in Chicago. They went on further to say that the meeting was to discuss how the crypto industry can improve its image and prove it has a place in global markets. However, companies like American Express are already securing crypto patents, proving that the blockchain and crypto industries are vital to the process of global market evolution.
NASDAQ CEO Openly Backs Crypto
Adena Friedman – current NASDAQ CEO – is a well-known and outspoken crypto supporter, so the involvement of NASDAQ in these meetings hardly comes as a surprise. Her firm has already partnered with several exchanges to help create a regulatory framework. It’s even providing the Winklevoss twins exchange Gemini with Bitcoin and Ethereum market surveillance. Friedman stands out in the traditional financial industry, as most high-profile individuals have sought to distance themselves from the crypto world. In May she appeared on CNN and said, “I do think the idea of a more globalized payment mechanism that is more efficient than what we have today allows for money to transfer across countries and certainly supports the Internet economy.”
Other CEOs Remain on the Fence
Last week Ajaypal Banga branded the crypto world as junk. The MasterCard CEO’s comments came as a slight shock to the crypto industry, seeing as it recently won a crypto related patent and the CFO blamed lack of crypto interest from its users as the reason its growth fell 2% in May. This implies that the CEO is still unsure of the true potential behind crypto and blockchain technology. One of its largest competitors in American Express partnered up with Ripple to speed up its B2B cross-border payments using blockchain and distributed ledger technology.
These meetings between NASDAQ and the crypto world could be vital in creating a harmonious bond between the traditional financial industry and the crypto sector. With Friedman at the center of the discussion, there is a good chance that the talks will have a positive outcome for both industries.