Remember that ‘secret meeting’ in Chicago between Nasdaq leadership and several different crypto companies and personalities of distinction? It was reported by Bloomberg about three weeks ago.
That meeting and subsequent conversations have led to two specific developments that could provide a jolt to the crypto markets and its retail and institutional infrastructure.
Based on two sources close to Gemini and the Winklevoss twins crypto empire we believe that Gemini and Nasdaq are moving closer and closer to a ‘joint venture’ that allows both the Nasdaq and Gemini to list tokens and provide liquidity on a global scale. According to both sources, there is a plan being constructed that would see the Nasdaq ultimately list top market cap coins for global trading.
The specifics of that plan were not laid out to us point by point. What was referenced was the roadmap connected to the vetting and oversight that Gemini has allowed Nasdaq to do specific to manipulation of the crypto markets, and specific to their exchange.
That has led to a deeper relationship between the two firms and increased confidence from Nasdaq that there is a pathway to list, at a minimum, Bitcoin, and Ethereum, as tradeable entities on a global scale. This initial foray into the crypto ecosystem would be measured, careful, and work closely with regulatory back channels.
Our first Gemini source said the following: “Tyler and Cameron have moved the ball down the field in a meaningful way. Nasdaq, and its leadership, already are predisposed to finding an architecture solution and being the first to list actual tokens. Not just ETF’s or futures or some ‘derivative’ of the crypto aparatus…but rather list actual coins. They are getting very comfortable with the structures they’ve seen from Gemini, and the other research they’ve done with exchanges of note. There is a timeline forming for this decision and it could be earlier than some might think.”
A second Gemini source was a little more specific with the timing of a Nasdaq move into crypto trading: “Nasdaq and Gemini have gotten very, very comfortable with each other. Did you guys catch the little note in one of the latest articles where it said that Gemini was essentially doubling their staff by the end of this year? There is a reason for that and it is their work with Nasdaq. If you made me take a bet on it, I’d put money on their being a joint venture of some sort that sees several tokens listed and available to the public to trade on the Nasdaq by Q2 of 2019. If the people involved in the planning are telling me the truth, that is the bet I’d make…and these aren’t just tea leaves pieced together here – I asked three and four times and kept hearing what I am telling you. Remember, there is serious competition between these global exchanges to get there with cryptos. Nasdaq wants to plant a flag in the ground no different than Intercontinental (ICE), CBOE, CME, all of them.”
We back channeled this through several third parties connected to the ‘secret meeting’ and we were surprised by what we DID NOT hear from each of those contacts. Nobody denied this possibility or the timing of it. Nobody.
There is a groundswell of institutional architecture being built at a swift pace. And Gemini is smack dab in the middle of it. They’ve purposely put themselves in this position. There are massive amounts of money to be made providing the initial ‘pipes’ for volatile and somewhat inefficient markets.
And while the crypto markets have come a long way, the inefficiencies are still sizeable and the biggest point of contention for institutions. Gemini and the Winklevoss twins have been working to bridge the gap and provide mature and reliable solutions to those concerns. It seems we are closer to finding out how much progress has been made.