Breaking: Nasdaq To Soon Offer Institutional Crypto Custody Service

Exchange operator Nasdaq could soon launch cryptocurrency custody services. The move is aimed at broadening the operator’s range of services provided in the crypto space. The company will initially offer custody services for Bitcoin and Ethereum to institutional investors through a new group dedicated to digital assets. The operator also revealed its lack of interest in launching a crypto exchange in the near term.

The Next Big Revolution

The new group dedicated to custodial services would be headed by Ira Auerbach, who looked after prime broker services at crypto exchange Gemini. The company’s new venture comes at a time when institutional investor continue to be interested in crypto despite unfavorable macro conditions. Recently, Blackrock joined forces with Coinbase to enable Bitcoin trading to its investors, besides launching a Bitcoin private trust.

Also, a new crypto exchange is set to come up in joint collaboration with Charles Schwab Corp., Fidelity Digital Assets, Citadel Securities and Virtu Financial. Tal Cohen, Nasdaq’s executive vice president, said mass institutional adoption of crypto will bring about a revolution. He was quoted as saying in Bloomberg report:

“We believe this next wave of the revolution is going to be driven by mass institutional adoption,” Auerbach said in an interview. “I can think of no better place to bring that trust and brand to the market than Nasdaq.”

There’s More To Nasdaq Crypto Custody Service

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