Nasdaq To Offer Crypto Custody Services Soon Despite Regulatory Burden

Exchange operator Nasdaq on Friday said it is expecting to launch its crypto custody services by the end of the second quarter. The move is aimed at broadening the operator’s range of services in the crypto space following bankruptcies and regulatory burden from regulators.

Nasdaq aims to offer custody services for digital assets by the June end, filling the gap left by bankruptcies in the crypto sector such as FTX. Nasdaq applied for a limited-purpose trust company charter with the New York Department of Financial Services, reported Bloomberg on March 24.

During the Blockchain Week Summit in Paris, Ira Auerbach, senior vice president and head of Nasdaq Digital Assets, said the group is moving ahead with getting all necessary requirements including regulatory approvals ready before the anticipated launch. Ira Auerbach, who looked after prime broker services at crypto exchange Gemini, is heading the new group dedicated to custodial services.

In September, the exchange group revealed that it will initially offer custody services for Bitcoin and Ethereum to institutional investors through a new group dedicated to digital assets.

Nasdaq Among BNY Mellon, Fidelity Offering Crypto Custody

Nasdaq will join BNY Mellon, Fidelity Digital Assets, Citadel Securities, and Virtu Financial among other large financial firms offering crypto custody services. Meanwhile, there are efforts focusing on tokenizing traditional assets like bonds in the hopes of making trading and processing the assets more efficient through crypto technology.

Apart from crypto custody services, Nasdaq plans to develop other solutions, and offer execution services and liquidity services. The exchange operator will also explore how to support new markets.

At the time of writing, Bitcoin and Ethereum prices trade at $28,046 and $1,777, respectively. Bitcoin eyes a rally above $30,000 amid the banking crisis.

Also Read: US Fed Prints $400 Billion, Bitcoin Price and Ethereum Sets To Rally

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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