Nasdaq to provide crypto custody service

Nasdaq to provide crypto custody service

Global securities market Nasdaqis preparing to launch custody services for digital assets by the end of the second quarter of this year.

Nasdaq prepares to launch crypto custody service

According to statements made by Bloomberg, the exchange group has applied for a limited purpose investment company charter from the New York Department of Financial Services that will oversee the new business. NasdaqIra Auerbach, senior vice president of Nasdaq and head of Nasdaq Digital Assets, reportedly explained this in an interview in Paris, stating that the group is committed to ensuring that all necessary regulatory approvals and technical infrastructure are complete.

First announced in September, the project will be Nasdaq’s first major venture into the crypto sector. Auerbach says the first step for Nasdaq’s digital assets department is Bitcoin (BTC) and Ethereum (ETH) and eventually the group plans to create a broad suite of services for its digital assets division, including execution on behalf of financial institutions.

Nasdaq’s entry could potentially be a game changer for the industry, as traditional financial institutions step up to fill the void left by bankruptcies in the crypto industry. Its reputation and size in the global stock market is the reason institutional investors crypto- It is thought that it could pave the way for more traditional financial institutions to follow the same path, as it will help increase confidence in the market.

NasdaqIt’s also worth noting that it’s also preparing to join BNY Mellon and Fidelity as part of other major financial firms offering crypto custody services.

Cointelegraph reported that in 2022, America’s oldest bank, BNY Mellon, launched its crypto services. The bank, which has been serving for 238 years, crypto- established an enterprise digital assets unit in 2021 to develop solutions and create a platform to bridge digital and traditional asset custody.

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