Bcause Partners With Nasdaq for Crypto Trading, Clearing, Surveillance

Bcause LLC, creator of the world’s first full-stack cryptocurrency ecosystem, will have its market operating on Nasdaq’s matching engine, clearing and market surveillance technology via the Nasdaq Financial Framework platform, according to a press release.

The new Bcause spot cryptocurrency market is set to go live in H1 219 as it awaits a license from the U.S. Commodity Futures Trading Commission to become a designated contract market (DCM) and to establish a derivatives clearing organization (DCO).

In February 2018, Bcause launched its digital mining facility. Once derivatives trading and clearing go live, Bcause will be the only venue to serve as a one-stop shop for all parts of the digital currency value chain: from crypto mining to spot trading for digital assets, to a futures market and derivatives clearinghouse which are pending regulatory approval.

Nasdaq will empower Bcause with a surveillance technology designed to ensure that surveillance protocols fit the needs of a crypto marketplace, including the monitoring of manipulative activities, among other misconduct, thereby creating a safer spot and derivatives market for all participants.

Fred Grede, Chief Executive Officer at Bcause
Fred Grede

Fred Grede, Chief Executive Officer at Bcause, commented: “We have tremendous respect for the Nasdaq brand and are honored that we can deploy these robust, tried-and-tested platforms – customized to our unique markets – as the foundation of our technology. I fully expect that our markets will attract a broad range of users, from those who are already quite active in the financial markets and familiar with Nasdaq technology, to a new breed of investors wanting to participate in the growing cryptocurrency marketplace.”

Paul McKeown, SVP and Head of Marketplace Operators and New Markets, Market Technology, at Nasdaq, said:  “Bcause has methodically built a unique ecosystem that gives investors, partners and market players a holistic experience in tapping the cryptocurrency market and value chain. By leveraging the Nasdaq Financial Framework, Bcause will have the scalability and modular functionality to introduce new micro-services and expand its business offerings to meet industry demands and the evolution of the digital assets economy.”

The crypto mining facility launched in Virginia Beach last year is the largest of its kind in North America. There, Bcause hosts, maintains and services the high-powered computers with substantial efficiencies due to its scale. The data center supports digital mining of bitcoin and other leading cryptocurrencies for institutional market participants and professional miners, as well as beginners who may choose to participate in ‘mining pools’.