Nasdaq — one of the global leaders in the digitalization of financial markets — is actively adopting blockchain by building infrastructure for digital assets, private markets, and index products. Since 2015, the company has been developing both internal solutions and international partnerships with Chain, Citi, EuroCCP, and others. Using a flexible architecture and compatibility standards with Ethereum and Hyperledger, Nasdaq is transforming blockchain from an experimental concept into practical market tools. This article explores how the exchange turns distributed ledger technology into real products and platforms.
- The History of Nasdaq’s Blockchain Adoption
- Technological Architecture and the Linq Platform
- Digital Economy Indexes and Related Products
- Key Partnerships and the Blockchain Ecosystem
- Strategy and Global Market Impact
The History of Nasdaq’s Blockchain Adoption
Nasdaq first announced its interest in blockchain in 2015. At that time, it launched the Nasdaq Linq platform — a solution based on Chain’s technology designed to manage digital shares of private companies. Through the use of a distributed ledger, Linq enabled the issuance and transfer of tokenized shares, shareholder registration, and real-time voting. This greatly simplified administration for startups and venture capital firms, eliminating paperwork.
In 2016, the exchange also piloted a project to manage margin requirements in derivatives markets together with EuroCCP, ABN AMRO, and Euroclear. Later, OTC settlement tests were conducted with Citi. These initiatives proved that blockchain could be used not only for recording ownership but also for clearing, settlement, and liquidity management. Nasdaq recognized DLT as a technology capable of transforming financial infrastructure.
Technological Architecture and the Linq Platform
The Linq platform was built with modularity and compatibility in mind across different blockchain networks. Technically, the solution was based on the Core Financial Framework, which combines traditional business modules and a DLT layer. This approach allowed Linq to integrate with other Nasdaq products and adapt to both private and public Ethereum or Hyperledger networks.
The Linq architecture includes:
-
Participant identity services
-
Token issuance module
-
Corporate governance and voting system
-
Settlement and cash flow tools
-
API interfaces for issuers and investors
The MVP (minimum viable product) approach enabled Nasdaq to quickly test ideas and scale them into real products. Linq became the foundation for Private Market — a digital platform for trading private company shares. These solutions are already in use in the US and Sweden, offering DLT-based access to unlisted equity investments.
Digital Economy Indexes and Related Products
Nasdaq actively develops index solutions to assess the state of the blockchain economy and crypto markets. In 2017, it launched the Nasdaq Blockchain Economy Index (RSBLCN), which includes companies highly engaged in blockchain infrastructure.
| Parameter | Value |
|---|---|
| Launch Date | December 1, 2017 |
| Base Value | 1000 |
| Current Level (July 2025) | 3121.51 |
| Company Requirements | $200M market cap, $1M daily volume |
| Regions | USA, Europe |
Based on RSBLCN, public funds and ETFs have been created — such as the Siren Nasdaq NexGen Economy ETF (ticker BLCN), and products in Israel: Harel HTF and Psagot ETF. These give both institutional and retail investors access to a diversified portfolio of blockchain-focused companies.
To assess crypto markets, Nasdaq developed a separate index — the Nasdaq Crypto Index (NCI), which features strict liquidity and compliance requirements. It is published in partnership with CF Benchmarks and includes only custodied and institutionally accessible assets.
Key Partnerships and the Blockchain Ecosystem
Building a blockchain platform is impossible without strategic partnerships, and Nasdaq has actively developed such alliances. By working with leading tech companies, banks, and infrastructure providers, the exchange has managed to integrate DLT into multiple financial operations. These partnerships cover both technical implementation and regulatory support, ensuring resilience and scalability of Nasdaq’s solutions.
Below is a list of key partners and their roles in shaping Nasdaq’s blockchain ecosystem:
-
Chain — provider of the first blockchain infrastructure for Linq
-
Citi — integration of OTC products and payment systems
-
ABN AMRO Clearing — support for derivatives markets and margin services
-
Euroclear and EuroCCP — settlement and clearing infrastructure in Europe
-
CF Benchmarks — publication and validation of crypto indexes
-
Nasdaq Ventures — the venture arm investing in blockchain startups
This ecosystem allows Nasdaq to bridge traditional and digital finance. At the same time, the company is developing custody solutions for digital assets. In 2023, Nasdaq received regulatory approval in New York to launch its own crypto custody service — expanding offerings for institutional clients.
Strategy and Global Market Impact
Nasdaq’s blockchain initiatives go beyond experiments and pilot programs. The exchange is consistently building infrastructure for new digital markets, including asset tokenization, digital identity, hybrid transactions, and index-based investment products. At global forums, Nasdaq representatives emphasize that their main goals are to reduce operational costs, improve transparency, and expand capital access.
With the launch of Nasdaq Digital Assets, the company will be able to offer a full suite of services — from listing to custodial storage and digital asset management. This opens new opportunities for financial institutions and startups, enabling them to operate in a compliant, regulated, and technologically advanced environment. Nasdaq is evolving from a traditional exchange into a full-service platform for the entire digital asset lifecycle.
