According to reports, the American stock exchange giant Nasdaq has established a strategic partnership with the cryptocurrency exchange Gemini, founded by the Winklevoss brothers, aiming to gain access to its custody and staking services.
Reuters cited sources on Tuesday stating that Gemini has identified Nasdaq as a strategic investor, and the company is advancing towards an initial public offering (IPO) on the exchange.
Sources indicated that the cryptocurrency exchange expects to raise up to $317 million through this IPO and has arranged for Nasdaq to privately subscribe to $50 million worth of shares simultaneously.
This investment is part of the strategic cooperation. Nasdaq will be able to integrate Gemini's custody and staking services, and Gemini's institutional clients can manage and track trading collateral through Nasdaq's Calypso platform.
Sources mentioned that the strategic cooperation plan will be adjusted based on market conditions and potential changes.
Just before this report was released, Nasdaq announced on Monday its official entry into the tokenized securities field, which is a new form of traditional stocks driven by blockchain technology.
The exchange has submitted an application to the U.S. Securities and Exchange Commission to revise relevant rules to allow securities to be traded in token form. Nasdaq believes that such products should be launched by mature and regulated market participants, opposing "isolated trading platforms," while expressing concerns about the numerous tokenized U.S. stock trading products in the European market.
Gemini has already launched related services in Europe, introducing tokenized products for stocks like Michael Saylor's Strategy (MSTR) in June.
The company pointed out at the time: "Traditional financial infrastructure is difficult to access and urgently needs modernization."
Related: The U.S. Congress requests the Treasury Department to report on strategic Bitcoin (BTC) reserve details.
Original article: “Reportedly, Nasdaq Seeks Access to Gemini's Crypto Services Through Investment”
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