Nasdaq Holds Secret Meeting With Crypto Players to Discuss Legitimizing Cryptocurrencies

Francisco Memoria
  • The world's second-largest stock exchange, Nasdaq, held a secret meeting to discuss legitimizing cryptocurrencies.
  • In the meeting, industry players and Wall Street firms discussed how to bolster bitcoin's reputation.

Nasdaq, the world’s second-largest stock exchange, recently held a closed-door meeting with players from the cryptocurrency ecosystem and Wall Street to discuss legitimizing cryptocurrencies.

As first reported by Bloomberg, the secret meeting in Chicago saw industry representatives and Wall Street firms discuss the implication of cryptocurrency regulations, and what tools the industry needs to use to improve security and bolster the reputation of cryptocurrencies like bitcoin.

Citing an unnamed source, Bloomberg revealed cryptocurrency exchange Gemini was at the meeting. Notably, its founder Cameron and Tyler Winklevoss were behind the latest failed attempt to list a bitcoin ETF on a regulated stock exchange.

The US Securities and Exchange Commission (SEC) rejected the Winklevoss’ bitcoin ETF bid citing concerns over the underlying bitcoin spot markets, as it claims these are too prone to manipulation. As CryptoGlobe covered, the US Department of Justice (DOJ) launched a criminal probe into potential BTC price manipulation earlier this year.

Nasdaq has earlier this year revealed it’s helping various cryptocurrency exchanges use its market surveillance technology to curb potential money laundering and other illicit activities. The exchange has revealed it “would consider becoming a crypto exchange,” as its CEO Adena Friedman believes “digital currencies will continue to persist.”

As covered, Friedman also revealed she sees cryptocurrencies as “the right next step in the space of currency,” although it’s still unclear whether it’ll be bitcoin or another crypto being the first to reach mainstream adoption. She said:

How it evolves and which of the cryptocurrencies may or may not be the one that ultimately gets embraced, I think that really the jury is still out on that.

Adena Friedman

The CEO added she thinks “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 supports an internet-based economy.

The world’s second-largest exchange is believed to be “in the early stages” of developing a bitcoin futures product that’s set to let institutional investors bet on the market in the long-term. The Chicago Mercantile Exchange (CME), which added BTC futures late last year, saw their volume grow 93% in the second quarter of this year.

Despite her stance on cryptocurrencies, Friedman is known for criticizing the unregulated nature of initial coin offerings (ICOs), which according to her take advantage of the lack of oversight.

Tron's 'Four Major Developments' Including zk-SNARKs to Launch By Q2 2019

The developers of Tron (TRX), one of the largest platforms for building and deploying decentralized applications (dApps), are reportedly planning to release a set of upgrades and new tools to enhance the blockchain network’s functionality.

As noted by Misha Lederman, the co-founder of IAmDecentralized.org, a platform that is being created to support the ongoing development of decentralized technologies, the Tron blockchain ecosystem is set to deliver the following “major development”:

  • “BitTorrent Speed, $BTT,”
  • “Institutional-friendly multi-signature & account management,”
  • “USDT-TRON stablecoin launch on #TRX blockchain,”
  • “Implementing privacy option for transactions.”

Lederman, who’s known for being one of the most vocal supporters of Tron (especially on Twitter), revealed that Tron’s major developments (listed above) will be launched in the “coming weeks and months” of Q2 2019.

"BitTorrent Speed" And Multi-Sig Wallets Launched

After acquiring BitTorrent last year for $140 million, Tron’s userbase may have increased significantly as the peer-to-peer (P2P) file sharing solution reportedly has more than 100 million users. In order to improve the existing functionality of BitTorrent and its native BTT token, Tron’s developers are launching “BitTorrent Speed,” an application that will compensate network participants in BTT in exchange for providing bandwidth and seeding.

On February 24th, Tron founder Justin Sun had announced (via Twitter) that the following set of updates would be integrated on the dApp development platform (Tron’s version 3.5):

  • “hard fork upgrade” (already activated on February 28th),
  • “Multi-signature [wallets] and [new] account management features for institutional investors,"
  • “Dynamic energy adjustment to real-time network performance,”
  • “50% up performance & res usage,”
  • ”Better [virtual machine] VM safety, events server for dApps.”

As explained by Sun in a video he posted from his official Twitter account (on March 7th, 2019), Tron’s partnership with Tether Ltd., the developer of the world’s first and largest stablecoin (USDT) involves the development of a Tron-based USDT token that offers “TRX holders a new way of value storage, provides dApp users a new way to play [or access] dApps, and increases legitimacy with institutional investors.”

Adding zk-SNARKS To Tron's Ecosystem

Moreover, the partnership between Tether Ltd and the Tron Foundation will involve the creation of a new TRC-20 compliant USDT stablecoin that will provide interoperability with applications and protocols across Tron’s ecosystem.

Notably, Tron’s development team is planning to integrate zCash’s zk-SNARKS privacy technology - which is intended to provide Tron’s users the option to conduct private transactions.

During the “Bad Crypto” podcast, Sun revealed why he is planning to incorporate the zk-SNARKS on the Tron network. He remarked:

People don’t want their privacy stored by Facebook or Google because those people can more easily manipulate the data so they can push ads to you. You don’t want to share those data with them. That’s why I think the decentralized way becomes a good way to do that and limit how much data you are required to share.