American stock exchange Nasdaq has entered a partnership with r3 to utilize its Corda blockchain for digital assets management.
The tech-heavy exchange has become the latest traditional stock market giant to adopt blockchain technology for management of digital assets. The exchange intends on utilizing R3’s Corda ecosystem to develop a marketplace for issuance, trading, and settlement of digital assets.
Nasdaq adopts Corda blockchain
According to R3’s press release, Nasdaq intends on integrating blockchain into its Financial Framework. This framework would be used alongside other financial market-grade tools such as matching systems, datacasting.
R3’s chief revenue officer Cathy Minter noted that institutions across the globe are recognizing the value of digital assets. She stated that Nasdaq and R3’s platform would provide a secure and efficient platform to support the digital assets for participants in the capital markets. Cathy stated that they would provide a “world-class platform” on which digital assets can be created.
Nasdaq has a prestigious reputation and provides infrastructural facilities to over 120 marketplaces, clearinghouses, regulators as well as multiple digital assets exchanges.
Nasdaq’s move in partnering with R3 comes as a part of the stock exchange’s innovation at redesigning itself due to the huge decline in market volumes. The partnership would also enable Nasdaq to bring greater transaction transparency to digital asset exchanges to a level similar to traditional markets.
Nasdaq’s Head of Digital Assets Johan Toll called the partnership an “important milestone” in Nasdaq’s progressive development of technologies that aid digital asset exchanges. He then remarked that the Corda blockchain would fit well into Nasdaq’s technological ecosystem and allow them to utilize a “new level of interoperability.”