Investing.com -- Intercontinental Exchange and Nasdaq shares declined on Monday following a Bloomberg report that decentralized crypto trading platform Hyperliquid is in talks with Kraken's parent company about entering the U.S. market.
Intercontinental Exchange dropped 1.5%, while Nasdaq fell 1.4%.
According to the report, Hyperliquid Labs is in advanced discussions to bring its perpetual futures to U.S. traders through Kraken's parent company Payward, weeks after President Donald Trump said his administration was working to bring the platform into the U.S.
The deal, if approved by regulators, would allow U.S.-based traders to use Payward's Bitnomial exchange to trade some perpetual futures tied to the price of crypto tokens built on Hyperliquid's blockchain technology, the report added.
This would mark the first entry into the U.S. market by Singapore-based Hyperliquid Labs, whose crypto platform has grown in popularity with traders but remains unavailable to U.S. customers.
The monetary terms of the deal were not disclosed. Payward has reportedly presented the Commodity Futures Trading Commission with a proposal outlining the basic structure. Payward's subsidiary Bitnomial, a U.S.-regulated digital asset exchange and clearinghouse, would allow its registered users access to a subset of Hyperliquid's crypto-linked futures.
The structure would address the main issue that has kept Hyperliquid out of the U.S. As a decentralized platform, Hyperliquid does not have a central operator for the more than $4 billion in volume that the platform handles daily.
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