Nasdaq approaches the crypto world – wants to acquire Swedish fintech company Cinnober

Nasdaq approaches the crypto world – wants to acquire the Swedish fintech company Cinnober.

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Tim Haldorsson

tim.haldorsson@trijo.co

The world's second-biggest stock exchange Nasdaq is working to acquire the Swedish fintech company Cinnober.

Nasdaq stock exchange is working to expand into new growth segments. In order to do that, they are trying to buy the Swedish fintech company Cinnober.

Today Cinnober is working with different solutions for exchanges, including trading with cryptocurrencies. Nasdaq wants to use these different trading and exchange solutions to benefit and expand their business, the company writes in a press release.

“The combined intellectual capital, technology competence and capabilities of Cinnober and our market technology business will expand the breadth and depth of our fastest growing division at Nasdaq”, says Adena Friedman, president and CEO of Nasdaq, in the press release.

Shareholders think the bid is too low

Nasdaq has made a bid for all Cinnobers shares. They want to pay $8.4 for each share, which values the entire company to $189 million.

Cinnober, listed on First North Stockholm, surged 29 percent on Friday, following the press release of the bid. However, many of the large shareholders think the bid is too low, and also the analyst company Redeye writes that the offer from Nasdaq should be increased.

The fact that a major financial actor like Nasdaq is buying a company that offers cryptocurrency solutions can be interpreted as them taking a step forward in the race among the big financial companies to provide cryptocurrencies for traditional investors, writes CCN.

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