Nasdaq Joins Hands With R3 For Developing A Digital Asset Platform On The Corda Blockchain Network
Nasdaq, one of the world’s largest stock market indexes is making some moves to focus on the digital assets industry. In a latest development, Nasdaq has joined hands with the blockchain solution provider R3, for developing institutional-grade digital assets and marketplaces on the Corda blockchain network.
Using R3 Corda blockchain infrastructure, Nasdaq will work with other financial institutions to build and bring institutional-grade digital assets to the market. This is a non-exclusive and long-term collaboration between the two companies meaning Nasdaq can continue to collaborate with several other blockchain providers to work on new projects.
The official announcement from R3 reads: “By tapping Corda Enterprise, Nasdaq can bolster its broader platform and partnership strategy in order to support new institutional grade assets utilizing Corda Enterprise to manage the complete asset lifecycle for new and existing market infrastructure operators on a 24x7x365 basis”.
The Corda Enterprise solutions offers low-latency, scalability, and completely encrypted environment which makes it an ideal choice for developing institutional-grade controls in availability and reliability.
Johan Toll, the head of digital assets at Nasdaq, said: “Their platform fits well into Nasdaq’s technology ecosystem and by connecting to the platform, we can harness the power of a scalable design that delivers a new level of interoperability and ease of integration to any current legacy technology system.“
Digital assets have been here for over a decade, however, the lack of security in solutions have prevented institutions from participating actively. Nasdaq will now along with R3 to bridge this gap between digital asset solutions and financial institutions.
The two will work together in helping institutions to build digital asset marketplaces and issue tokens. Besides, the two will also help financial institutions in issuing different products for processes like trading, issuance, settlement, and custody.
As per Johan Toll, we will see several financial and non-financial marketplaces in the near future for trading tokenized assets. Cathy Minter, Chief Revenue Officer, R3 said: “Financial institutions are becoming increasingly aware of the huge potential for servicing the needs of digital assets. We can help them accommodate these assets with solutions that are designed for more secure, reliable and regulated environments. Together with Nasdaq we will provide a world-class platform on which digital asset markets can be built, helping to rapidly accelerate the growth of these markets and others around the globe.”