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Nasdaq backs cryptocurrencies

Nasdaq Stock Market, one of the most important exchanges in the United States, has announced its support of Bitcoin, Litecoin and Stellar cryptocurrencies. This marks its first implication with the virtual currencies market.

The Stellar Network was created and developed to allow financial institutions and individuals to perform worldwide cross-border transfers. This hybrid blockchain is open source and distributed. It is one of the first cryptocurrencies to be backed by Nasdaq, which expects that partnering with enterprises like IBM might ensure its potential growth.

Litecoin recently announced that it will functions as a cross-blockchain decentralized application. This is where the Nasdaq recognized the future potential of this cryptocurrency, as it might allow it, as well as other cryptocurrencies, to keep growing, aggregating value and being used. As a cryptocurrency, it is already known for fast and low fees transactions. Contrarily to many cryptocurrencies, Litecoin does not aim at becoming “the next Bitcoin”, but rather at complementing it.

By implementing the Lightning Network (LN) scaling solution, Bitcoin will be able to drastically reduce transaction times and fees, almost to zero. This implementation is expected to encourage a growth in the number of users, as it will support further privacy functionalities.