NASDAQ to cooperate with Swedish banks

Nasdaq, the exchange known to any financial asset manager, and SEB, the financial services group, jointly develop a new blockchain project focused on funds trading.

The test will involve the distributed ledger with the trading data recording, which is especially useful for Swedish market, as currently, the country does not have the central organization that records all fund trade operations. This does not help the Swedish market players at all.

As always in blockchain financial projects, the parties involved assure that the blockchain will increase transaction speed and allow instant verification, one of the most known benefits of the distributed ledger. “With the help of a blockchain we can create a faster, simpler, more effective and reliable fund market,” Göran Fors, chief executive of Investor Services at SEB, states.

Nasdaq previously filed some interesting patent requests to the USPTO and, according to the media, is one of the earliest big corporate blockchain enthusiasts. They have undoubtedly developed some banking blockchain prototypes and Swedish SEB should consider itself lucky it has managed to get Nasdaq’s agreement to cooperate.