Noble Markets, a New York-based bitcoin start-up, and Nasdaq OMX Group Inc. have entered into a partnership that will allow Noble Markets to use Nasdaq’s trading technology to matching users’ orders, The Wall Street Journal reports. The technology is currently used by more than 30 exchanges worldwide.

Noble Markets is backed by venture capital funds Blockchain Capital of San Francisco and Tally Capital of Chicago. One of the people behind Noble Markets is Brock Pierce, a venture capitalist, who is also involved with other bitcoin businesses including GoCoin, BitGO, ChangeTip, and Tether. The startups’ Chief Executive John Betts believes that the collaboration with Nasdaq will be beneficial for future investments in in the industry: “They can say, ‘These are sophisticated organizations; they have done their due diligence, and if it's good enough for them, it's good enough for us.’”

Noble Markets targets corporate and institutional investors who seek security and transparency and are not satisfied with the existing exchanges. “Settlement and clearing will occur through a sophisticated, proprietary model that includes real-time reconciliation of account balances”, Betts added.

According to the startup’s website, Noble Markets is open to qualified financial and commercial organizations as well as exchange partners. If a potential customer wants to become a member and they are not a regulated institution, Noble Markets suggests that there may be other membership schemes available on a case-by-case basis.

The traditional trading platforms and cryptocurrencies exchanges appear to have a strong interest in one another. In January, CoinFox reported that the New York Stock Exchange (NYSE), the largest exchange in the world, invested in Coinbase. It was also announced today that former NYSE CEO Duncan Niederauer has joined Tera Group, the operator of the bitcoin derivatives platform Tera Exchange, as Advisory Director.