Nasdaq planning to provide crypto custody services: Report
American stock exchange operator Nasdaq jumped into the crypto industry to compete with crypto custody services providers like Coinbase.
Nasdaq is an American financial services corporation that owns and runs 3 stock exchanges in the US, namely the namesake Nasdaq stock exchange, the Philadelphia Stock Exchange, and the Boston Stock Exchange. This corporation also operates seven European stock exchanges, which are Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, and Nasdaq Vilnius. Nasdaq is headquartered in New York City (NYC).
On 20 September, Bloomberg reported that Nasdaq was hiring new talents for its crypto custody services.
Reportedly, Nasdaq is trying to increase its dominance in the crypto industry because the majority of the North American Market shows a significant Inclination toward cryptocurrencies.
In the initial phase, Nasdaq will only provide crypto custody services for Ethereum & Bitcoin Institutional investors.
In the last many years, Nasdaq helped many crypto companies and its participants to provide them technical support but never planned to create its crypto exchange platform.
The next level of digital assets’ custody service from Nasdaq will look to incorporate liquidity and execution services and also it will focus on providing the industry’s connectivity, availability, and efficiency issues, with a high level of protection and security.
“Demand among institutional investors for engaging in digital assets has increased in recent years, and Nasdaq is well-positioned to accelerate broader adoption and drive sustainable growth,” said Tal Cohen
However, stock and crypto markets are different money markets and never considered similar products by experts but these latest efforts by the Nasdaq will bring huge correlations & better interaction.
Cryptocurrencies pose high volatility and high risk to the investment fund but these facts will be reduced in the future with adoption.
Read also: Pierre Poilievre From Canadian New Conservative Party Is A Bitcoin Friendly Person
