Nasdaq is moving ahead with its plans to implement blockchain technology on its private market, as financial institutions across the world ramp up their research and development in the technology that underlies the cryptocurrency bitcoin.

The exchange group said it has partnered with San Francisco-based start-up Chain to provide blockchain infrastructure for the issue and transfer of shares on the Nasdaq Private Market. As part of the agreement, Chain will become the first private company to issue shares and trade using blockchain infrastructure on the Nasdaq Private Market.