tl;dr
Nasdaq launches its new crypto focused subsidiary aimed at institutional investors.
Market Snap
Market Wrap
Russia’s farcical attempt to legitimise its annexation of swathes of Ukraine by holding referendums in what are effectively war zones (fair and open votes anyone?) has led to a slew of analysts predicting that the illegal risk of the use of nuclear weapons in Ukraine has just increased markedly.
This is not a benign environment for cryptos.
Curious Cryptos’ Commentary — Nasdaq
Nasdaq has been the stock exchange home to some of the most extraordinarily successful companies during the IT and internet revolution. Apple, Microsoft, Amazon, Meta, Google, NVIDIA, PayPal, Intel — the list is seemingly endless. Nasdaq is the second largest exchange when ranked by market capitalization of traded stocks, and itself is worth nearly $30 billion.
Finally — and I am a little surprised it has taken this long — the company is making its first foray into the crypto world with a new subsidiary named Nasdaq Digital Assets. You can read the press release here:
https://www.nasdaq.com/press-release/nasdaq-establishes-new-digital-assets-business-2022-09-20-0
I quote:
“The launch underpins Nasdaq’s ambition to advance and help facilitate broader institutional participation in digital assets by providing trusted and institutional-grade solutions, focused on enhanced custody, liquidity and integrity.”
Subject to regulatory approval (one should be in doubt that this issue is already in hand) the motivation for this new business line and revenue stream is due to institutional demand, according to Tal Cohen, Executive Vice President and Head of North American Markets, Nasdaq :
“Demand among institutional investors for engaging in digital assets has increased in recent years, and Nasdaq is well-positioned to a broader accelerated adoption and drive sustainable growth.”
I like the sound of that ambition.
A key area of focus is combating the rise of crime in the crypto space. Jamie King, Executive Vice President, Head of Anti-Financial Crime, Nasdaq:
“Our expanded suite of anti-financial crime solutions reinforces our commitment to protect the integrity of the financial system. As the world of digital assets evolves and converges with traditional finance, it is crucial to provide the necessary portfolio of technology solutions designed to safeguard participants across the financial ecosystem.”
Note that Jamie makes the point that cryptos are complementary to TradFi (and by extension fiat), and not a replacement, a point which is often misunderstood by both crypto maximalists, and those who fear decentralisation as a concept and a tool to enhance personal liberty and to provide dramatic economic improvements for humankind in general.
…
Make no mistake, institutional adoption of cryptos is happening, right here, right now.
Compliance Stuff
Trigger alert warning — if any reader feels that they are “literally shaking” (as claimed by a Durham student who cannot emotionally cope with a different point of view as posited by Rod Liddle) after reading my commentary, then I can only suggest you don ‘t read, or don’t shake. It is entirely up to you.
Cryptos — none of my commentary should be seen as a recommendation to get involved in cryptos. I might be talking complete nonsense without knowing it. Any crypto investments must be viewed as extremely high risk and treated as if they are worth zero until sold.
Stocks — just to make it clear this is not a stock advisory service. The CCC team does not provide financial advice in any way at all. Any reference to asset prices in this commentary are there to simply give context to the commentary and to give color to the performance of certain stocks related to cryptos.
For the avoidance of doubt, this newsletter is not an incitement to buy cryptos, buy stocks, or even to sell family members in the hope of buying cryptos or stocks.
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