Citi, Nasdaq Team on Blockchain Securities Platform
Stock exchange Nasdaq has partnered with financial giant Citi on a new blockchain payments system for the private securities market. The system links Citi’s cross-border payments platform CitiConnect with Nasdaq’s Linq platform, allowing investors in private company securities to have one-stop payment processing, real-time visibility of transactions, and automatic reconciliation.
Several transactions have already been completed by the partnership using blockchain technology from startup Chain, which both firms have invested in. The announcement came at the Consensus conference in New York
“This new payment capability marks a milestone in the global financial sector and represents an important moment in the commercial application of blockchain technology,” said Adena Friedman, CEO at Nasdaq. “Through this effective integration of blockchain technology and global financial systems, we can realize greater operational transparency and ease of reconciliation, which can have profound implications for outdated administrative functions in the capital markets.
