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Nasdaq to Acquire European Fintech Provider Developing Bitcoin and Crypto Trading Solutions With BitGo

by Daily Hodl Staff
September 17, 2018
in Trading

Nasdaq, the world’s second-largest stock exchange, has made an all-cash offer of $190 million to acquire Cinnober, a major Swedish financial technology provider to brokers, exchanges and clearinghouses worldwide.

“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,” says Adena Friedman, president and CEO, Nasdaq. “Not only have the global capital markets continued to evolve rapidly, new marketplaces in various industries are 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.”

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In July, Cinnober partnered with BitGo which offers enterprise-grade Bitcoin wallet solutions. Last week, BitGo announced that it had won regulatory approval as a regulated, qualified custodian of cryptocurrencies for institutional investors. The partnership allows Cinnober to use BitGo’s wallet technology to expand its trading and post-trade platform, enabling the company to bring cryptocurrency exchanges an end-to-end institutional-grade solution.

Nils-Robert Persson, co-founder of Cinnober says the company has become a leading supplier of financial technology providing services to exchanges and trading houses worldwide. The Nasdaq acquisition positions Cinnober to expand its “technology and offering to even more customers and segments.”

The deal is expected to close in the fourth quarter.

Featured image source: nakashi via Flickr, NASDAQ at Times Square, remixed image. This work is licensed under a Creative Commons Attribution-ShareAlike 2.0 Generic License.
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