Nasdaq has entered into a strategic collaboration with Gemini by investing $50M in shares ahead of Gemini's planned IPO.
The exchange plans to fund up to $317M, with Nasdaq's private placement running concurrently with the public offering. This agreement would allow Nasdaq to integrate Gemini's custody and staking services. Meanwhile, Gemini's institutional clients will have access to Nasdaq's Calypso platform for maintaining and tracking trading collateral. The relationship highlights the growing convergence of traditional finance and the cryptocurrency business.
Gemini plans to list on Nasdaq under the "GEMI" ticker, with trading expected to begin shortly, depending on market conditions. This action follows Nasdaq's recent filing with the SEC to allow trading of tokenized stocks, positioning the stock exchange to extend its role in blockchain-based financial products.
The agreement shows Nasdaq's commitment to digital asset innovation and its efforts to provide more comprehensive crypto-related services, boosting investor trust in the market's maturity and potential.
