Nasdaq Selects Bitcoin Startup Chain To Run Pilot In Private Market Arm

Nasdaq OMX Group Inc. has named San Francisco-based startup Chain as its partner for a pilot, announced in May, to test Bitcoin technology for the trading of shares in private companies. Founded in 2014, Chain provides infrastructure to financial institutions wanting to use the blockchain, which is the technology underlying the digital currency Bitcoin, in their products and services. The blockchain enables entities to digitally transfer money and other assets directly, securely and near instantaneously. Nasdaq will be testing the blockchain in Nasdaq Private Market, which is a marketplace for pre-IPO trading of…Read more …

Wall Street watchdog sets rules for bitcoin

original article . A top Wall Street watchdog on Wednesday issued new rules that place stricter cybersecurity requirements on financial firms wishing to use virtual currencies. “We think regulation is important to the long-term health of the virtual currency industry,” said Benjamin Lawsky, head of the New York Department of Financial Services (NYDFS), during remarks at a Financial Services Roundtable event. “Building trust and confidence among consumers is crucial for wider adoption. It also helps attract additional investment.” Under the guidelines, financial firms handling bitcoins and other digital currencies will need to obtain…Read more …