World's Second Largest Stock Exchange To Acquire Swedish Fintech Cinnober

Nasdaq has yet again hit the headlines as the world's second largest stock exchange is all set to acquire a Sweden-based trading solution provider, Cinnober in a $190 million all-cash deal.

Cinnober is said to be in partnership with the qualified crypto custody security providers, BitGo. Recently, BitGo earned the regulatory approval to be a qualified custodian service provider for around 75 cryptocurrencies to institutional investors.

On this matter, Adena Friedman, president, and CEO of Nasdaq stated:

“The combined intellectual capital, technology competence and capabilities of Cinnober and our Market Technology business will expand the breadth and depth of our fastest growing division at Nasdaq.”

Friedman further added:

“Not only the global capital markets continued to evolve rapidly, but new marketplaces in various industries are also demanding market technology infrastructure that enables rapid growth and scale as well as access to tools to promote market integrity. This acquisition will enhance our ability to serve market infrastructure operators worldwide, and will accelerate our ability to expand into new growth segments.”

The co-founder of Cinnober, Nils-Robert Persson stated that this acquisition will further expand its “technology and offering to even more customers and segments.”

The deal is expected to be closed by the fourth quarter.

Previously, Nasdaq reported about its plan to launch a crypto trading platform in 2019. With Nasdaq highly pacing... … To continue reading click here.

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