The cryptocurrency exchange mogul, Coinbase, has hired a former executive of the New York Stock Exchange to create a market supervision system for its platform. The stated purpose of the platform is to generate confidence in US securities regulators with respect to the cryptocurrency market.
The executive to lead this project is Peter Elkins, former director of market supervision at the NYSE, and is part of the “Coinbase Trade Supervision Program”, which the company launched in order to monitor the markets in search of fraudulent or other illicit financial behavior. This measure is a sign that Coinbase recognizes the need to bring order to the market, in terms of illegal activities, which is the main argument of regulators when imposing regulations that hinder the growth of the market.
This Coinbase project will handle a high risk and high profitability approach, and will offer supervision of the cryptocurrency market, which could generate income with the application of this technology in other exchanges. It is common for companies to seek alternatives to improve greater trust between governments, and it is seen as much needed in this industry due to the high number of hackers, pyramid schemes and market manipulation.
by Samuel Paz
