Nasdaq’s CEO has stated that she wants the organization to be a blockchain disruptor, fully embracing the technology to improve market efficiency and effectiveness.
In an interview with Fortune Magazine, CEO Adena Friedman discussed her thoughts on blockchain and her intentions for the technology at Nasdaq in the future years.
With its Market Technology business now providing software solutions to nine digital currency exchanges, Nasdaq is ideally positioned to comment on blockchain and digital currency. According to Friedman, blockchain technology has proven its effectiveness in weeding out market manipulation and other unlawful acts in digital currency exchanges.
- “The crypto trading technology today is just not in a position to be able to support the level of trading activity that we experience in the equities and options markets. We’re dealing with 3 million messages a second, 62 billion messages in an eight-hour period.”
It’s worth mentioning that Friedman’s constraint has been resolved for quite some time. According to Blockchair data, the BSV Enterprise Blockchain has already surpassed other chains not only in terms of blocks mined—two gigabyte-sized blocks have been successfully mined on the BSV network—but also in terms of data stored on-chain, with total data stored on-chain reaching 494.99 GB, compared to BTC’s 358.07 GB as of August 2021.
Friedman predicted that Nasdaq would gain a greater grasp of technology and how it works during the next ten years while focusing on bringing the technology to market.
- “Over the next decade, there will be a greater understanding of how we can make the markets more efficient and effective using the blockchain. We’re really focused on how we can bring this technology into the markets and be a disrupter ourselves.”
In April 2020, Nasdaq’s Market Technology division backed R3’s Corda blockchain for tokenized assets. The company is a founding member of the InterWork Alliance, which develops token standards, and has already established itself as a blockchain innovator and early adopter.
Nasdaq hopes to maintain and expand its market-leading position, with the CEO indicating that blockchain would play a larger role in the future.