There is a lot of rumors going on about bitcoin right now, most of which have to do with it possibly ending up on the stock exchange. Nasdaq OMX Group Inc. just revealed that Noble Markets is going to license the Nasdaq X-stream technology. Noble Markets is based out of New York, and is one of the bigger platforms used for trading bitcoins. The new software that Noble is implementing is the one that is currently used by hundreds of securities exchanges throughout the world.
The software and technology even is related to the same system that is being used to run the Nasdaq Stock Market. The New York Stock Exchange agreed in January to start investing in Coinbase, which is another avenue you can use to trade bitcoin and other digital currency. 2014 was not the best year for bitcoin, since Mt. Gox filed for bankruptcy, and that left a sour taste in the mouths of those who trade and sell the popular digital currency. Mt. Gox managed to lose thousands of bitcoins that were owned by customers, and even lost bitcoins that belonged to the company. This type of situation left people feeling like digital currency could never be a real thing, after all, it’s a lot easier to lose and misplace or misrepresent compared to other types of currency. It also made people question whether or not digital currency could be hacked or stolen through ill-gotten means, which also left people a little leery to invest in the currency.
With Nasdaq behind the digital currency exchange, there is a better feeling of the possible staying power of bitcoin. There are more organizations stepping up to create the exchanges and the technology that will allow for these types of transactions, which is even more proof that people are still wanting to invest in the product. Some bitcoin start up companies are even starting their own exchange programs, although it will take a group like Nasdaq to really make it a legitimate type of exchange. Japan Exchange Group Inc. and Singapore Exchange Group Ltd., are two of the biggest market operators, and Nasdaq even makes various types of trading software for them too. You also have Nasdaq coming into help provide this type of software and technology for other bitcoin exchange programs, and this is a way to show that the stock market might finally be ready to branch out into a new type of currency.
It is still going to be many years before the stock market and people around the world would feel like embracing bitcoin for other types of transactions, but this is a step in the right direction to make digital currency a more legitimate income. The start up companies from all over the world are looking to cash in on the possibility of bitcoin turning into the next dollar, although it’s unlikely digital currency could ever reach that level of popularity. For now it appears that the Nasdaq is willing to take chances on bitcoin, which means other Securities Exchange companies might follow.