By Alicia Maher
Nasdaq Incorporated has revealed that it will provide price feed to blockchain-based trading enterprise DefiChain stocks. Nasdaq made this statement public on Thursday, according to Bloomberg. The news implies that Nasdaq will provide its price feed to power tokenized stocks on DefiChain.
Nasdaq joins other firms like Finnhub and Tinngo in offering services to power tokenized stocks. These ventures will provide tokenized stocks of major U.S. listed companies like Tesla and Amazon. According to Bloomberg, many people can buy the tokenized version of stocks offered by U.S. listed companies on Nasdaq.
DefiChain Co-Founder Gets Excited About Development
Julian Hosp couldn’t contain his excitement after the partnership with the Nasdaq exchange. The Co-Founder reiterated the need to have a tokenized trading venture, just like the traditional market. He added that it will benefit the crypto community, as people can now buy tokenized stocks offered by Apple and other giant firms. The tokenized trading service will use DFI, the blockchain’s token, BTC, USDC, ETH, etc.
These past few months have been a busy one for Nasdaq, as they have been securing partnerships with different ventures. In July, the popular trading exchange reportedly teamed up with SVB, Citi, and some private banks to set up a joint-secondary venture for private companies to trade their stocks. It was reported that Nasdaq will move out from the current Nasdaq Private Market to form a new, separate platform, although the details of the move are yet to be revealed for public digestion.
Nasdaq will become the majority shareholder, while the great of the partners will become investors. Reports show that the new trading venture will have trading rules and structures to accommodate transactions like auction programs, continuous trading, etc. Nasdaq Exchange President stated that the new platform would open up more opportunities for private companies in the secondary stock trading market, where execution, operation, and compliance will be technology-driven.
In addition, the platform will enable private brokers and potential shareholders/investors to access and execute transactions through technology-driven solutions. Its major function is to offer liquidity for stocks listed by private companies. But, only verified investors will be permitted to purchase shares when the listed companies launch their public offerings.
Nasdaq Finances Has Maintained a Stable Growth
Nasdaq hasn’t been doing terribly in terms of revenue generation. The exchange revealed that its net revenue grew 21% in the second quarter YoY. The platform also pocketed $104M from organic growth and $27M from Verafin, a platform Nasdaq acquired around February. The company further made about $16M from Forex rates.