Breaking: 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 and Fidelity Digital Assets 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.
Bitcoin bull Anthony Pompliano said Nasdaq crypto custody launch has come at a time when banks are reluctant to support Bitcoin and crypto companies. The industry welcomes the move.
At the same time that banks are being threatened for supporting bitcoin and crypto companies, Nasdaq just announced bitcoin custody will be available by Q2 this year.
You can't stop an idea whose time has come.
— Pomp 🌪 (@APompliano) March 24, 2023
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.
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