Insider Discloses Nasdaq's Plans To Implement Crypto Rate Analysis
The stock exchange Nasdaq is developing a technology to predict changes in the value of digital currencies, Coindesk reports citing an anonymous source.
The hub on the exchange basis began to work last year. Its task is to analyze the market of assets using data from social networks and other alternative databases through machine learning technologies and a natural language processing system (NLP). The hub's activities relate exclusively to the traditional financial sector, but a person knowledgeable in the company's development strategy says that Nasdaq is preparing to integrate the technology to make predictions of changes in the cryptocurrency sphere.
According to Bill Dague, the head of the alternative data department at Nasdaq, the exchange experts are currently exploring the features of digital assets as there is a growing public interest in this topic. But Dague said that time will show whether the products related to cryptocurrencies will be launched.
At the same time, the anonymous source confidently stated that the new crypto exchange services have already been developed and are currently in beta testing before launch, which is scheduled for November this year. According to him, the analytical service will allow predicting changes in the exchange rate of about 500 digital assets. The information will be processed from three sources: databases of cryptocurrency trading platforms, information on the funds turnover in crypto wallets and from social networks like Twitter, Reddit, and StockTwits.
As previously reported, the Nasdaq company is cooperating with the Gemini exchange to launch cryptocurrency trading.