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FxWirePro: NASDAQ chief directs ray of optimism for crypto-industry

When Bitcoin and other predominant cryptocurrencies showed huge drop on Wednesday, “this is a legit market” Adena Friedman, CEO of Nasdaq, prompted everyone of that again today in an interview on CNBC.

BTUSD tumbles from the highs of $9767.40 to the current $8805.20 at Bitfinex, ETHUSD drops from the peaks of $712 to $617.16, while ripple did the same though against US dollar from 0.9666 to 0.49801 but managed to recover to the current 0.7943 levels.

During her interview with CNBC spokesperson, she mentioned that NASDAQ seems to be constructive in becoming a cryptocurrency exchange. The regulated exchange says it is already providing its technology to other crypto exchanges so taking the additional step would not be that difficult.

Bitcoin and other coins are more than a new reality, a new market trend. They are new currencies and methods of payment. As a result, many traditional investors have concluded they need to be in crypto. NASDAQ can be instrumental lending more credence to that notion.

NASDAQ is already supporting existing crypto exchanges. It also proclaims a collaboration with cryptocurrency exchange Gemini, founded by one of the pioneer bitcoin investors Tyler and Cameron Winklevoss. As time progressed, they announced a joint venture with an ETF firm which is San Diego based, Reality Shares, to launch two blockchain-related funds. The latest is scheduled to come to market in June.

"If you were to rank interest in cryptocurrency on a scale of zero to 10, Friedman would be a six," says Eric Ervin, CEO of Reality Shares. "She would help get the SEC comfortable with cryptocurrency trading. She would not passively wait for them to get on board," he says. "If the SEC wanted her opinion, she would give it a thumbs up."

Nevertheless, Freidman's remarks don’t sound that NASDAQ has got any cryptocurrency exchange mechanism. On the flip side, it has a Bitcoin futures contract in the works. Foreign securities exchanges are also looking into making cryptocurrency tradable. While Moscow Stock Exchange also mentioned previously that it was building a platform to allow for trading once the reliable regulatory frameworks are in place.

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