Initial Application for Nasdaq Private Market
Appoints Blockchain Technology Evangelist to Lead Effort
NEW YORK, May 11, 2015 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq:NDAQ) today announced plans to leverage blockchain technology as part of an enterprise-wide initiative. Nasdaq will initially leverage the Open Assets Protocol, a colored coin innovation built upon the blockchain. In its first application expected later this year, Nasdaq will launch blockchain-enabled digital ledger technology that will be used to expand and enhance the equity management capabilities offered by its Nasdaq Private Market platform. Nasdaq's blockchain technology will offer efficient, fully-electronic services that facilitate the issuance, transfer, and management of private company securities. Fredrik Voss, Vice President at Nasdaq, has been named the company's Blockchain Technology Evangelist to lead the strategic development of this initiative for Nasdaq.
Importantly, the creation of a securities distributed ledger function using blockchain technology will provide extensive integrity, audit ability, governance and transfer of ownership capabilities.
"Utilizing the blockchain is a natural digital evolution for managing physical securities," said Bob Greifeld, CEO, Nasdaq. "Once you cut the apron strings of need for the physical, the opportunities we can envision blockchain providing stand to benefit not only our clients, but the broader global capital markets."
Nasdaq is one of the first multinational financial services companies to explore ways to leverage the blockchain in a non-currency manner. The company's first application will provide a fully-electronic, distributed ledger-style solution for accurate record-keeping that complements ExactEquity™, Nasdaq Private Market's cloud-based equity management solution that enables private companies to manage their capitalization table and stock plans more efficiently.
"We are always looking at new ways to leverage technology to provide client-centric solutions," Greifeld continued. "Our initial application of Nasdaq's blockchain technology-enabled offering will modernize, streamline and secure typically cumbersome administrative functions, and will simplify the overwhelming challenges private companies face with manual ledger record-keeping."
Nasdaq (Nasdaq:NDAQ) is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,500 listed companies with a market value of approximately $9.5 trillion and more than 10,000 corporate clients. To learn more, visit: nasdaq.com/ambition or business.nasdaq.com.
About Nasdaq Private Market
Nasdaq Private Market is the premier equity services provider to private companies. Our end-to-end solution enables private companies to digitize, integrate, and control all of their equity-related functions, including cap table management, shareholder liquidity, investor relations, and capital raising. Whether a company seeks to optimize an eventual IPO or remain private permanently, Nasdaq Private Market provides comprehensive capital market support to meet its needs. For certain eligible investors and shareholders, Nasdaq Private Market is a place to discover and engage with some of the most exciting private companies. Securities-related services are offered through NPM Securities, LLC, a registered broker-dealer and alternative trading system, member FINRA/SIPC. To learn more, visit www.npm.com.
Source:The NASDAQ OMX Group, Inc.