Nasdaq has signed a deal with the operator of Switzerland's primary stock exchange to integrate blockchain into its over-the-counter product services.
According to a U.S. Securities and Exchange Commission (SEC) filing from July 26, Nasdaq – which has been working with blockchain technology since as early as 2015 – struck the agreement with SIX Swiss Exchange, a subsidiary of SIX Group. Notably, the group has also been experimenting with blockchain through its SIX Securities business line.
The SEC filing revealed the new deal, stating:
"In July 2017, Nasdaq also signed an agreement with SIX Swiss Exchange to implement a distributed ledger technology based solution for the OTC structured products business from SIX, highlighting further commercialization of blockchain with the Nasdaq Financial Framework."
While it's not yet clear when the OTC solution will be developed, or whether there is a timeline for deployment, the news is the latest indication of Nasdaq's aggressive push toward commercializing its work with blockchain.
Among other projects, the stock exchange unveiled a partnership with financial giant Citi in May focused on blockchain payments. That was soon after revealing that it was providing the tech for a digital media contracts exchange in March. Nasdaq has also expressed its desire to invest in more startups that work with blockchain.
Nasdaq image via andersphoto/Shutterstock