Nasdaq will inaugurate its Bitcoin & Ethereum custody service soon
Nasdaq is almost ready to serve its secured crypto custody services for the crypto companies.
The Nasdaq Stock Market is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume. This exchange was founded by the National Association of Securities Dealers (NASD) in 1971. NASD is now known as the Financial Industry Regulatory Authority in the US.
On 24 March 2023, Bloomberg reported that Nasdaq will soon launch its crypto custody services this year.
The first time, Nasdaq announced its plan to start its crypto assets-focused business in Sep 2022, and after that company is continuously working to make its digital assets services focussed platform.
Ira Auerbach, the senior vice president and head of Nasdaq Digital Assets, spoke with Bloomberg regarding the crypto custody service of Nasdaq and said that the company is working on establishing solid infrastructure and securing all the mandatory regulatory approvals which will allow Nasdaq to serve crypto customers.
In the initial phase, Nasdaq will provide only custody service for Bitcoin & Ethereum only, which are the top two crypto assets by market cap.
The Nasdaq official also spoke on this business plan with the newswire and confirmed that the company will further expand its crypto services and will offer execution services for financial institutions.
Earlier this popular fund manager company BlackRock jumped into the crypto sector this month. In the shareholders meeting, BlackRock CEO Larry Fink said that the company will provide the most permissioned blockchains and tokenization of stocks and bonds services. The CEO admitted that the crypto market is still far from maturity and needs more regulation to kick out the risks associated with this sector.
Fidelity investments also started its crypto custody & crypto trading for its retail customers. Before Fidelity, BNY Mellon opened crypto custody services for institutional investors in late 2022.
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