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  • Bitcoin and Wall Street

    Bitcoin Gains Wall Street Support

    Two important announcements were made this week that indicate a growing relationship between the bitcoin sector and the more traditional financial markets of Wall Street. On Monday, Tera Group announced their employment of a new Advisory Director, Duncan Niederauer, formerly the CEO of the New York Stock Exchange. Then early Tuesday morning, Nasdaq announced that their X-stream trading technology would be adopted by Noble Markets for an upcoming digital currency marketplace.

    Tera Group is a New Jersey-based company that “recently launched the first and only U.S. regulated trading platform for bitcoin swap contracts.” One of the service’s main goals is to allow investors to take advantage of bitcoin price movement without directly trading the digital currency. Tera offers a sophisticated suite of market software and the ability to build on top of their trading platform. Those tools are certainly intended for professional investors, given their complexity.

    As an Advisory Director for the company, Niederauer “will draw on his immense international experience to provide the firm with strategic advice and insight on growth strategies” and “will participate in select senior-level client events and conferences, as well as provide briefings on global financial trends to the firm’s Board as appropriate,” according to Finextra. Tera’s Chairman and CEO, Christian Martin, has expressed a great deal of excitement about working with Niederauer and appreciates the “client-first approach Duncan has shown throughout his impressive career.”

    Based in New York, Noble Markets is another company focusing heavily on bitcoin-related trading. The firm hopes to provide a great deal of liquidity for large-scale digital currency investors. Their new partnership with Nasdaq will grant Noble access to X-stream, which is currently “the most widely used exchange trading technology in the world,” according to Nasdaq’s press release.

    Noble’s founder and CEO, John Betts, noted that this deal should help push his company far ahead of its competitors. While other bitcoin startups struggle to develop digital currency trading tools and features from scratch, Noble will have direct access to this world-class, tried-and-true trading technology. They should be able to provide a remarkably complete platform with relatively little software development.

    Nasdaq has been using this as an opportunity to express their appreciation for innovations like Bitcoin. The company’s Executive Vice President of Market Technology, Lars Ottersgård, has made it clear that he is open to new developments and wants to use them to improve our traditional financial systems.

    One interesting aspect of this whole situation is the disdain that many Bitcoin lovers have for Wall Street. While this opinion is certainly not ubiquitous, many feel that Wall Street is corrupt – or at least poorly managed. It will be fascinating to see how Niederauer’s employment by Tera and Nasdaq’s partnership with Noble impact the views of Bitcoiners. Will they appreciate the support from financial experts or will they see it as potentially dangerous for Bitcoin as a whole?

    Daniel Brown is the editor-in-chief of You, Me, and BTC. There, he co-hosts the planet’s most entertaining Bitcoin podcast and writes about various crypto topics. He also works for Liberty.me, preparing content pages, bug testing, and doing anything else that needs to be done.

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