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Breaking: Nasdaq To Offer Crypto Custody Services Soon Despite Regulatory Burden

Exchange group Nasdaq announces offering crypto custody services to institutions by the end of the second quarter.
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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.

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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 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

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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