The world’s second largest stock exchange Nasdaq offers crypto custody services

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2022-09-23 20:36:42

The world’s second largest stock exchange – Nasdaq – is hatching plans to launch a crypto custody platform. This move is in line with the organization’s desire to become a service provider.

Follow press release September 20, Nasdaq (NDAQ) – the second largest stock exchange in the US, is currently preparing for a boom with crypto custody services for its customers. Ira Auerbach – former head of financial brokerage services at Gemini has been invited by Nasdaq to run the digital asset division. Tal Cohen, head of Nasdaq North America, said:

“Demand to enter the digital asset sector has increased in recent years. Nasdaq may therefore be in a good position to accelerate wider adoption while promoting sustained growth.”

If successful with this project, Nasdaq will be a direct competitor to the exchange Coinbase, Anchorage Digital and BitGo in the storage of Bitcoin (BTC) and Ethereum (ETH) of US customers.

News from Bloomberg, Nasdaq is also open to partnering with mainstream companies in the crypto industry and has no acquisition plans in sight yet.

The move is the latest development on Nasdaq’s stance on crypto, after the exchange listed an ETF with exposure to Valkyrie’s Bitcoin activity in early 2022. In the past, Nasdaq used to provide monitoring technology to crypto market participants instead of operating the platform itself. Besides, the exchange also launched the Nasdaq Crypto Index ETF.

With the wave of crypto expanding across Wall Street, Nasdaq’s foray into the field is not surprising. In August, BlackRock, the world’s largest asset management group, partnered with Coinbase to offer crypto trading to institutional clients, establishing a fund that invests directly in Bitcoin. Soon after, Bitcoin reacted positively to the price.

With related developments, Depository Trust & Clearing Corp. – one of the large companies that handle the large volume of transactions of the US stock market, has launched its own blockchain, with the desire to quickly increase the speed of transaction settlement.

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