Bcause LLC, a self-described “full-stack cryptocurrency ecosystem,” plans to use Nasdaq technology to operate its markets.
The company announced Wednesday that it would be using Nasdaq’s matching engine, clearing and market surveillance tools through the Nasdaq Financial Framework platform to operate a spot cryptocurrency market, to be launched within the next few months.
Bcause has also filed to become a designated contract market and to launch a derivatives clearing organization with the U.S. Commodity Futures Trading Commission (CFTC).
According to a press release, Bcause plans to be the only “one-stop shop” to operate a spot trading market, crypto mining facility and a futures/derivatives clearinghouse, once regulators approve the latter offering.
In a statement, Nasdaq senior vice president and head of Marketplace Operators and New Markets Paul McKeown said 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.”
He went on to add:
“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.”
Spotting misbehavior
Bcause CEO Fred Grede said in a statement that his company is “honored” to use its technology for its upcoming offerings.
Nasdaq’s surveillance technology, in particular, is aimed at ensuring that Bcause can monitor for market manipulation or other illicit behaviors, making both its spot and derivatives markets safer for the firm’s customers, according to the release.
“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,” Grede added.
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