Noble Markets and Nasdaq OMX Group Inc. recently signed a partnership that might pave the way for bitcoin trading on global exchanges. The major American stock exchange and the New York-based bitcoin startup will be working together to have bitcoin traded via high-tech market orders matching systems used on more than 30 marketplaces worldwide.
In addition to that, Nasdaq will also provide marketing support for Noble Markets and its bitcoin trading offerings, which might set the stage for better credibility in the digital currency industry. After all, cryptocurrencies continue to be clouded by controversy and hacking threats, which put its security and acceptance in question.
Global Bitcoin Trading
In providing the technology needed to have bitcoin trading up major exchanges, the liquidity and volumes for the cryptocurrency could improve. This could result to better market trends that are not vulnerable to very volatile price shocks on major or minor news events.
Wall Street has already had several initiatives in place to bolster mainstream financial acceptance for bitcoin trading and transactions. However, the lack of regulatory oversight has been seen as the major disadvantage for using cryptocurrencies, as there is no central bank or government backing bitcoin’s value.
Just recently, the NYSE made an investment in the Coinbase fund, showing that the group is open to alternative investments. There has also been a regulatory approval for Digital Currency Group’s Bitcoin Investment Fund while former fed officials have joined advisory boards of various bitcoin trading startups.
While the progress has been slower compared to the bitcoin’s glory days a few years back, these developments indicated increasing acceptance for the cryptocurrency as a valid means of payment and as an investment. With accreditation and support from reputable financial groups like NYSE, more investors could find more security in bitcoin trading eventually.