The NASDAQ OMX Group, which owns and operates the NASDAQ stock market and several european stock exchanges, will provide the technology behind the upcoming New York based Noble Markets LLC. (founded in 2014): a capital market designed to allow companies and investors to trade cryptocurrencies and other digital assets.
About Noble Markets
Noble Markets was co-founded by Brock Pierce (a veteran investor in the cryptocurrency world, digital market pioneer and Bitcoin Foundation Board member, Pierce also helped found GoCoin, Expresscoin, Blade Financial and ZenBox as well as being a former child actor who starred in the first two Mighty Ducks movies), Chris Betz (currently an advisor on Alpha Pipe Inc. as well, with a long trajectory in hedge fund management and financial markets) and CEO John Betts (a veteran of electronic trading platform development at Goldman Sachs, Morgan Stanley and UBS).
Pierce and Betts made the news in early 2014 when they offered to buy the defunct Mt. Gox for a single bitcoin in the name of a group of investors known as Sunlot Holdings, for which Betts also served as CEO. This offer was made as part of a class-action lawsuit, as Sunlot Holdings showed interest in reviving the market under new management.
In an interview with Bloomberg Business, when questioned about the rationale behind this move, Pierce admitted his interest was in part due to the exposure the trial would bring thanks to the prominent nature of the Mt. Gox debacle:
“This has been something that has gotten worldwide attention and coverage. Even my parents back in my town in South Africa heard about it on the local news…”
“It’s our belief that we can turn this negative coverage into something quite positive and constructive.”
Sunlot Holding’s publicity seeking stunt non-withstanding, their interest in Mt. Gox predated the fall of the market. The group had previously attempted to purchase shares of the company to no avail as well as offering to help expand the market to China.
The deal of course, fell through but that same year, Noble Markets LLC. was created. Although the company has kept a low profile until now, aside from CEO John Bett’s surprising invitation to the Satoshi Roundtable (a yearly private retreate for top figures and emerging players in the crypto currency world, limited to 50 members), NASDAQ’s support is clear to give them an edge in the digital assets world.
The X-Stream Technology
NASDAQ X-Stream trading technology will provide the backbone to the soon to be launched marketplace as well as marketing support for the startup. X-Stream powers more than 30 marketplaces across the globe but this would be the first time it’s implemented in a crypto-currency market. Noble Markets CEO, John Bett’s has expressed his hope that NASDAQ’s techonology will assuage future investor’s possible fears about cryptocurrency markets.
In an official press release by Noble Markets, Mr. Betts had this to say about the joint venture:
“Noble was founded on the principal of bringing credible market structure and institutional trading expertise to the digital currency marketplace. All customers demand a fair and orderly market, the best possible pricing and confidence trades will be completed efficiently. We are excited that Nasdaq shares our vision and commitment to support the development of this ground-breaking market. Our marketplace, powered by X-stream, allows us to leverage a proven and trusted venue that supports global trading worth billions of dollars reliably every day. We look forward to more exciting announcements over the comming months.”
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