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Nasdaq And Citi Announce Pioneering Blockchain And Global Banking Integration

Nasdaq And Citi Announce Pioneering Blockchain And Global Banking Integration

Nasdaq and Citi Announce Pioneering Blockchain and Global Banking Integration May 22, 2017, 09:48:41 AM EDT By NASDAQ.com News NEW YORK--( BUSINESS WIRE )--Nasdaq, Inc. (Nasdaq:NDAQ) and Citi (NYSE:C) Treasury and Trade Solutions announced today a new integrated payment solution that enables straight through payment processing and automates reconciliation by using a distributed ledger to record and transmit payment instructions. A number of payment transactions have been concluded including Citis automated processing of cross-border payments via a link between the CitiConnect for Blockchain connectivity platform and the Linq Platform powered by the Nasdaq Financial Framework. This collaboration has created a pioneering institutional banking solution that tightly integrates blockchain technology with Citis global financial network leveraging API technology. The partnership between Citi and Nasdaq leverages Chains blockchain infrastructure platform and draws on core competencies from industry leaders who are at the forefront of innovation in the global financial sector. Emerging technologies like Distributed Ledger Technology (DLT) are driving digitization and enabling new platforms and blockchain ecosystems that can provide real-time digital solutions. For example, this integration can allow businesses such as Nasdaq Private Market to address the challenges of liquidity in private securities by streamlining payment transactions between multiple parties. Key benefits that this integration can offer: A seamless end-to-end transactional process for private company securities Direct access to global payments from Nasdaqs Linq platform using CitiConnect for Blockchain and WorldLink Payment Services, Citis cross border, multicurrency payments service. Increased operational ef Continue reading >>

Nasdaq Announces Inaugural Clients For Initial Blockchain-enabled Platform ''nasdaq Linq''

Nasdaq Announces Inaugural Clients For Initial Blockchain-enabled Platform ''nasdaq Linq''

Nasdaq Announces Inaugural Clients for Initial Blockchain-Enabled Platform ''Nasdaq Linq'' Nasdaq (Nasdaq:NDAQ) today announced the initial roster of private company clients for Nasdaq Linq, its blockchain-enabled platform. The first participants will include: Chain.com, ChangeTip, PeerNova, Synack, Tango and Vera. Nasdaq will unveil a first-ever demonstration of its blockchain technology at the Money20/20 event today in Las Vegas. Nasdaq Announces Inaugural Clients for Initial Blockchain-Enabled Platform ''Nasdaq Linq'' NEW YORK and LAS VEGAS, Oct. 27, 2015 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq:NDAQ) today announced the initial roster of private company clients for Nasdaq Linq, its blockchain-enabled platform. The first participants will include: Chain.com, ChangeTip, PeerNova, Synack, Tango and Vera. Nasdaq will unveil a first-ever demonstration of its blockchain technology at the Money20/20 event today in Las Vegas. The first platform of its kind, Nasdaq Linq is a digital ledger technology that leverages a blockchain to facilitate the issuance, cataloging and recording of transfers of shares of privately-held companies on The NASDAQ Private Market. It will complement ExactEquity, NASDAQ Private Market's cloud-based capitalization table management and stock plan administration solution. Nasdaq Linq clients will be provided with a comprehensive, historical record of issuance and transfer of their securities, offering increased auditability, issuance governance and transfer of ownership capabilities. "We are extremely encouraged by the initial demand for Nasdaq Linq from these innovative, first-mover companies, and the validation it represents of our application of blockchain technology," said Bob Greifeld, CEO, Nasdaq. "Blockchain applied to the private market is innovat Continue reading >>

Inside Linq, Nasdaq's Private Markets Blockchain Project

Inside Linq, Nasdaq's Private Markets Blockchain Project

Nasdaq formally debuted its blockchainproduct, Nasdaq Linq,last month at the Money20/20 conference in Las Vegas, the launch comingnearlysix months after Nasdaq announcedit would be the first major global stock exchange to publicly trial blockchain technology. The wait may be worth it. Linq is the first platform from an establishedfinancial services firmto demonstratehow asset trading could be managed digitally through the use of blockchain-based platforms. Its amanagement tool for shares in privatecompanies,and itspart of Nasdaq Private Market , the exchangessuite of services for entrepreneurs and venture investors. Indeed, Fredrik Voss , Nasdaqshead of blockchain strategy, believes that the efficiencies provided by blockchain technology could give Linqthe edgethat finally encourages increased useofprivate-market trading platforms. In a new interview, Voss and global software development director Alex Zinder emphasized the blockchains ability to remove the need for pen-and-paper or spreadsheet-based record-keeping as the techs biggest benefit for the private shares trading market. There hasnt been a huge amount of adoption [among startups] of moving away from paper and we want to make sure [blockchain] tech can help us move forward. Right now, the process is highly manual and it leaves a lot of room for human error. Nasdaq communications specialist William Briganti called the technologys potential to remove this pain point a key driver of the initiative due to its ability to provide immutable recordkeeping and a chain of custody for users. We polled a number of startup executives, and the overwhelming majority were using spreadsheets at every fundraising round, he said. Were trying to apply our standards on transparency and auditability. Nasdaq Private Markets was laun Continue reading >>

Nasdaq Picks Swedish Partner For Latest Blockchain Bet

Nasdaq Picks Swedish Partner For Latest Blockchain Bet

Nasdaq picks Swedish partner for latest blockchain bet Exchange operator has been one of the more aggressive with efforts to bring distributed ledgers into mainstream finance Nasdaq has partnered with one of the largest banks in the Nordic region for its latest attempt to bring blockchain technologyout of the development labs and into mainstream financial markets. The exchange operatorand Sweden's SEB are working on a prototype platform for trading in and out of mutual funds, a process the two groups describe as still "largelycharacterised by manual routines, long settlement cycles and paper driven processes". Gran Fors, acting head of investor services at SEB, said:"With the help of a blockchain we can create a faster, simpler, more effective and reliable fund market." Nasdaqhas been one the frontrunners indeveloping blockchain, the technology the underpins the cryptocurrency bitcoin. Banks, fund managers and trading groups believe it can help them save billions of dollars by speeding up and making cheaper previously labour-intensive, post-trade functions. Nasdaqalready runs a blockchain-powered market called Linq for trading in private shareholdings and in April launched a new programme to unearth and invest in emerging financial technologies, with an initial focus on distributed ledgers and artificial intelligence. It plans to make investments of between $1m and $10m in worth projects through Nasdaq Ventures. In a column in Financial News a year ago,Adena Friedman, now the president and CEO of Nasdaq, wrote: "[Blockchain]has the potential to improve efficiency across financial services, enable regulators to trace suspicious transactions in near real-time and ultimately ensure that compliance and transparency are hard-wired into the very fabric of the market." In tod Continue reading >>

Blockchain Moves Ahead With Nasdaq-citi Platform, Hyperledger And Ethereum Growth

Blockchain Moves Ahead With Nasdaq-citi Platform, Hyperledger And Ethereum Growth

Blockchain Moves Ahead With Nasdaq-Citi Platform, Hyperledger and Ethereum Growth Opinions expressed by Forbes Contributors are their own. Investors in private company securities on Nasdaq can use Citis cross-border payments facility and blockchain to buy, sell and settle transactions. Nasdaq and City Treasury and Trade Solutions announced today they have developed a new integrated payment solution that enables straight through payment processing and automates reconciliation by using a distributed ledger to record and transmit payment instructions. They have run a number of transactions through the CitiConnect for Blockchain connectivity platform and the Linq Platform powered by the Nasdaq Financial Framework,, the companies said in their announcement. Nasdaq has been early in experimenting with blockchain for private securities which dont trade on an exchange but can generate significant paperwork as they are bought and sold. At the Futures Industry Association (FIA) conference in Chicago in November 2015, Fredrik Voss, vice president for blockchain innovation at Nasdaq, said shares in private equity deals are deployed in paper certificates and transferring them is very time consuming. At the time he said Nasdaq was in pilot with five clients. This integration can allow businesses such as Nasdaq Private Market to address the challenges of liquidity in private securities by streamlining payment transactions between multiple parties, their announcement said. Key benefits include a seamless end-to-end transactional process for private company securities and direct access to global payments from Nasdaqs Linq platform using CitiConnect for Blockchain and WorldLink Payment Services, Citis cross border, multicurrency payments service. The service, which uses Chains blockchai Continue reading >>

Linq: The New Nasdaq Blockchain-powered Trading Platform

Linq: The New Nasdaq Blockchain-powered Trading Platform

Linq: The New Nasdaq Blockchain-Powered Trading Platform At the Money 20/20 conference in Las Vegas, Nasdaq revealed its new trading platform Linq with its first demonstration. The institution revealed earlier this year they would trial blockchain technology to see how it handled share trading. Nasdaq Group CEO Robert Greifeld told the conference the first participants will include Chain , Vera, Tango, ChangeTip and more. Also read: Marijuana Industry Could Still Use Bitcoin We are extremely encouraged by the initial demand for Nasdaq Linq from these innovative, first-mover companies, and the validation it represents of our application of blockchain technology. Blockchain applied to the private market is innovation built on top of innovation, and carries with it the opportunity to forever alter the future of financial services infrastructure.Bob Greifeld, CEO, Nasdaq Nasdaq is one of the largest services offering trading, clearing, exchange technology in both public and private markets. Linq is a blockchain enabled technology that initiates various aspects of trading shares through the market. The service is meant to collaborate with ExactEquity their private markets cloud-based management service. Users operating Linq will have access to a wide arrangement of stock management tools enabling private companies to digitize and implement new technology. Theres been quite a bit of debate about whether or not private assets should be traded via the Bitcoin blockchain. Some like the idea of permissioned blockchains operating on their own accord or acting like a sidechain with Bitcoin. Then there are those that feel that issuing assets besides BTC over the network will just bloat the blockchain. Companies like SETL.io , MultiChain , Openchain , Mijin and more make it seem lik Continue reading >>

The Collision Of Stock Exchanges And Blockchain

The Collision Of Stock Exchanges And Blockchain

have better information gathering and research What does Blockchain bring to StockMarket? Blockchain can be the answer to compatibility, trust and transparency issues in the current fragmented market systems. Stock market participants such as traders, brokers, regulators and stock exchanges are required to go through a cumbersome process (which takes 3+ days to complete transactions, mainly due to the role of intermediaries, operational trade clearance and regulatory processes). Blockchain can make stock exchanges much more optimal through automation and decentralisation. It can help reduce huge costs levied on customers in terms of commission while speeding up the process for fast transaction settlements. The technology can have viable use in clearing and settlement, while securely automating the post-trade process, easing paperwork of trade and legal ownership transfer of the security. Blockchain can eliminate the need of third party regulator to a large extent, since the rules and regulations would be in-built within smart contracts and enforced with each trade in order to register transactions with the blockchain network acting as a regulator for all transactions. Applying blockchain and smart contracts to post-trade activities can eliminate the need for intermediaries, reduce counter-parties and operational risk, while providing the infrastructure for faster trade settlement. Financial institutions can settle securities in minutes instead of days, with the major benefits being streamlined real-time settlement, improved liquidity, supply chain optimisation and increased transparency. Blockchain can offer a solution to the post-trade events processing to maintain a single source of truth jointly owned by all participants in the system. If implemented, blockchain can Continue reading >>

How Exactly Is Nasdaq Using The Blockchain? Will Their Blockchain Be Public? Will Its Underlying Currency Be Universally Exchangeable, Or Closed To The Public?

How Exactly Is Nasdaq Using The Blockchain? Will Their Blockchain Be Public? Will Its Underlying Currency Be Universally Exchangeable, Or Closed To The Public?

Updated 25w ago Author has 161 answers and 402.2k answer views It is very early to conclude whether Bitcoin is future money, but I think Nasdaq's move to explore blockchain technology can be considered a huge experimental step towards future financial record keeping The power of blockchain comes from the fact that it can process transactions in a secured fashion and creates a perfect and reliable digital record. NASDAQ uses Blockchain for secure and reliable record keeping In NASDAQ, as a first step, they deployed blockchain technology for record keeping within its Private Market , where pre-IPO trading (before a company goes public) activities happens more often. The reason why NASDAQ chose this use case is because pre-IPO doesn't typically see as much trading and what does occur is often between a tight circle of start-up owners and early investors. In this case, record keeping through blockchain will be supported by a cloud based management tool (called LINQ) developed by NASDAQ techies, that tracks and owns shares of a given company, and how much they own. How it works? ROI for NASDAQ? Benefits for Investors and Startup Founders? It eliminates middlemen such as auditors, legal experts, book keepers and consultants during the pre-IPO phase. In a world where everyone innovates for good, it is an extremely complicated, time-consuming, and expensive task to keep track startup's ownership structure, as fast-growing startups are looking to attract new investors as fast as they can. In many cases these startups uses Excel and then pay hefty fees to legal companies, auditors and consultants for validating and auditing every information during every transaction during pre-IPO between them and investors. NASDAQ developed their own blockchain cloud platform called LINQ to man Continue reading >>

Nasdaq Launches Linq, A Private Blockchain-powered Trading Platform

Nasdaq Launches Linq, A Private Blockchain-powered Trading Platform

NASDAQ Launches Linq, a Private Blockchain-Powered Trading Platform Nasdaq has continued with its blockchain affair by unveiling its latest blockchain tech initiative Linq, a platform that enables private companies to trade their shares using the bitcoin-powering technology, even before the companies go public. With Linq, Nasdaq revealed its newest trading platform with a live demonstration at the Money 20/20 conference in Las Vegas. In a press release , Nasdaq also announced the first six private companies participating in the blockchain-enabled platform. They are Chain.com. ChangeTip, PeerNova, Synack, Tango and Vera. We are extremely encouraged by the initial demand for Nasdaq Linq from these innovative, first-mover companies, and the validation it represents of our application of blockchain technology, said Bob Greifeld, CEO of Nasdaq. Blockchain applied to the private market is innovation built on top of innovation, and carries with it the opportunity to forever alter the future of financial services infrastructure. The privately operating digital ledger technology that is Linq will complement Nasdaqs ExactEquity, an existing cloud-based capitalization management and stock plan solution thats currently being used. Describing Linq as the first platform of its kind, the press release adds that the technology used will leverage a [private] blockchain to facilitate the insurance, cataloging and recording of shares of privately-held companies on the NASDAQ Private Market. As a digital ledger, Linq will serve to create a substantial and historical record of every transfer of securities among users of the private blockchain, facilitating with easier auditing and more transparency with transfer of ownership. Nasdaqs own in-house team collaborated with Chain.com and IDEO, Continue reading >>

Nasdaq Linq Enables First-ever Private Securities Issuance Documented With Blockchain Technology

Nasdaq Linq Enables First-ever Private Securities Issuance Documented With Blockchain Technology

Nasdaq Linq Enables First-Ever Private Securities Issuance Documented With Blockchain Technology Transaction by Chain.com Marks Significant 'Proof of Concept' and Major Step Forward in Use of Blockchain Blockchain Holds Potential for 99% Reduced Settlement Time and Risk Exposure in Capital Markets (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq:NDAQ) today announced that an issuer was able to use its Nasdaq Linq blockchain ledger technology to successfully complete and record a private securities transaction - the first of its kind using blockchain technology. Chain.com , an inaugural Nasdaq Linq client and blockchain developer, documented its issuance of shares to a private investor using Nasdaq's blockchain-enabled technology.This transaction represents a major advance in the application of blockchain technology for private companies. For this transaction, Nasdaq enabled the issuer to digitally represent a record of ownership using Nasdaq Linq, while significantly reducing settlement time and eliminating the need for paper stock certificates. In addition to its equity management function, Nasdaq Linq also provides issuers and investors an ability to complete and execute subscription documents online. Nasdaq's use of blockchain technology also holds promise for expediting trade settlement for transactions in public markets. Blockchain technology has the potential to assist in expediting trade clearing and settlement from the current equity market standards of three days to as little as ten minutes. As a result, settlement risk exposure can be reduced by over 99 percent, dramatically lowering capital costs and systemic risk. In addition, this technology could allow issuers to significantly lower the risk and the administrative burden of what is largely a manual and multi-step proce Continue reading >>

Stock Exchange Innovation: Applications For Blockchain | Reports/guides | Pri

Stock Exchange Innovation: Applications For Blockchain | Reports/guides | Pri

For the past few years, financial institutions have been investing in blockchain technology with the idea that it could reduce the cost and complexity of many of its processes, ranging from payments and settlements to tracking shareholder assets. As the recent PRI paper on blockchain pointed out, much discussion has focused on cryptocurrencies, rather than the underlying blockchain technology which has the potential to reshape the investment industry, offering significant opportunities as well as generating potential risks to system stability. Blockchain could facilitate secure decentralised transactions, reduce incidents of fraud, and increase transparency and efficiency in multi-party transactions. Indeed, blockchains ability to store information on a shared network of computers, spread across the Internet and synced without the need of a trusted third-party, has also drawn the interest of stock exchanges. Many exchanges are looking at blockchain as a way to overhaul the complex procedures that govern their operations including pretrade, trade, custody, settlement and shareholder services. These multi-layer processes can be costly, time consuming, duplicative and error prone. While there are numerous cases of stock exchanges using blockchain technology, the case studies below were chosen to illustrate two different applications for blockchain in an attempt to spur greater discussion on how stock exchanges could diversify their business models with the use of this technology. In 2017, the London Stock Exchange Group (LSEG) plc teamed up with IBM to build a blockchain-based platform to digitally issue shares of small and medium size enterprises in Italy. The project was built and tested by Borsa Italiana, which is part of the LSEG. Traditionally, information for shareh Continue reading >>

How Stock Exchanges Are Experimenting With Blockchain Technology

How Stock Exchanges Are Experimenting With Blockchain Technology

How Stock Exchanges Are Experimenting With Blockchain Technology June 12, 2017, 08:50:48 AM EDT By Prableen Bajpai Today, blockchainthe technology behind the digital currency bitcoinmight seem like a trinket for computer geeks. But once widely adopted, it will transform the world, says Ginni Rometty,CEO of IBM. How right she is. Blockchain has ignited curiosity among industries and sectors, especially in finance, and has been called the future of financial services infrastructure." While banks were among the first to hop aboard the blockchain bandwagon, stock exchangesan integral part of capital marketsare quick to keep pace. Today, some of the most prominent stock exchanges are looking at ways to leverage the distributed ledger technology (DLT) in order to fundamentally overhaul traditional mechanisms. The functioning of stock exchanges involves complex procedures that can be time consuming, cost inefficient, cumbersome, and prone to risks. The multi-layered processespre-trade, trade, post-trade and custody, and securities servicingis extraordinarly complex. This makes a case for experimentation with blockchain, thanks to its potential ability to streamline the process. A report by Oliver Wyman suggests, IT and operations expenditure in capital markets is currently close to $100-150 billion per year among banks. On top of that, post-trade and securities servicing fees are in the region of $100 billion. Significant capital and liquidity costs are also incurred because of current delays and inefficiencies within market operations. The distributed ledger technology could enable savings for the entities involved by reducing duplication of processes, settlement time, collateral requirements and operational overheads. This, in turn, would minimize the need to set aside fina Continue reading >>

How Stock Exchanges Use Blockchain Technology

How Stock Exchanges Use Blockchain Technology

How Stock Exchanges Use Blockchain Technology Despite the size and growth of global stock exchanges, many still use outdated technology to trade and gather information. These inefficiencies not only take time, they cost businesses billions of dollars every year in lost profit potential. Blockchain has the potential to address these challenges. The complexity of the stock market makes it difficult to streamline and reduce the time and cost inefficiencies. Blockchain could potentially improve the existing system and reduce the inefficiencies associated with third-party banks and regulators. Blockchain will, however, require significant cooperation with regulators and cause widespread changes for businesses and investment firms. Despite the disruption, leading stock exchanges such as the NASDAQ, ASX and TSX remain keen to explore blockchain technology to improve their systems, remove clearinghouses, and test the implementation of smart contracts. The stock market currently has complex procedures. These procedures include pre-trade, trade, post-trade and custody, and securities servicing. These multi-layered steps are time-consuming, cost inefficient, cumbersome and highly prone to risks. It often costs stock market participants like traders or brokers at least three days to complete transactions. Transactions take so long because the multilayered steps involve intermediaries. Steps such as operational trade clearance and regulatory processes often cause compounding delays to the process. A report by global financial risk consultancy Oliver Wyman suggests that IT and operations in capital markets cost banks $100-150 billion per year. The post-trade and securities servicing fee is an additional $100 billion. Stock market participants also incur significant capital and liqui Continue reading >>

Nasdaq Exec: Exchange Is 'all-in' On Using Blockchain Technology

Nasdaq Exec: Exchange Is 'all-in' On Using Blockchain Technology

Nasdaq Exec: Exchange Is 'All-In' on Using Blockchain Technology There's at least one traditional financial giant that not only doesn't fear blockchain technology, but is actively embracing it --Nasdaq ( NDAQ ) , the second-largest stock exchange in the world by market cap. Nasdaq's Head of Blockchain Product Management, Johan Toll, told the Street recently that his company is "all in" on using blockchain technology for its own transactions, as well as supporting external marketplaces that are moving into blockchain-based solutions. Nasdaq first deployed blockchain technology onthe secondary market it built, theNasdaq Private Market, toenable the secure issuance and transfer of shares of privately-held companies. But Nasdaq now also has some surprising collaborations underway with financial institutions -- including one with Citigroup ( C ) , which is one of several big banks that have banned the purchase of cryptocurrency by customers using their credit cards. Nasdaq and Citi announced an integrated payment solution to trade securities internationally that combines Citi's commercial, multi-currency payments networkwith Nasdaq's blockchain technology. Nasdaq has alsodevelopedan electronic platformforshareholders to vote on acquisitions, new share issuances, and board elections, and licensed it in a fewplaces -- first in a pilot program in Estonia and then, earlier this year, to South Africa's central securities depository, Strate , whichoversees that country's equities and bonds markets. All of the voting data is saved to an "immutable ledger," as Nasdaq's Toll describes it, and "issuers have online and real-time access to voting results." Toll emphasized the shared and trusted solution that the blockchain affords that largely -- and immediately -- eliminates other int Continue reading >>

How Nasdaq Is Using Technology For Its Private Market Platform

How Nasdaq Is Using Technology For Its Private Market Platform

How Nasdaq Is Using Technology For Its Private Market Platform Over the years, Nasdaq, Inc. ( NDAQ ) has pioneered revolutionary advanced technologies for financial markets. A major step in this direction was the formation of Nasdaq Private Market (NPM) in 2013 to provide innovative technological and liquidity solutions for private securities. Heres how Nasdaq has diversified its private market platform since its launch by integrating it with cutting-edge technology to ensure efficiency. Nasdaqs Private Market or simply NPM platform combines a capital marketplace with an efficient end-to-end solution for controlling secondary transactions, disclosure management, capitalization table management, and stock plan administration. The platform offers a secure online space for private companies to engage in equity-related functions in a seamless way to trim associated time and costs while minimizing potential errors. The platform further caters to the capital market needs of all private companies, whether they intend to stay private permanently or trudge the IPO route eventually. Since 2013, NPM has engaged with 93 companies with 11,800 transaction participants and a total volume of $4.5 billion. Private markets have witnessed an impressive growth since 2008, and McKinsey & Company estimates the assets under management (AUM) stood at $4.7 trillion worldwide in private markets at the end of 2016. Although the definition of private markets used by McKinsey is much broader than what NPM addresses, this in a way reflects the scope for expansion of this segment going forward. Moving along similar lines, NPM launched Alternatives this year to resolve the issues of liquidity in alternative investment funds and facilitate access to such investments in an innovative way. In June 2015, Continue reading >>

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