Institutional Crypto Custody Service to be Launched by Nasdaq

Nasdaq, the exchange operator, might shortly introduce custody services for cryptocurrencies. 

The goal of the operation is to increase the operator’s selection of services offered in the cryptocurrency sector. With a brand-new division devoted to digital assets, the company will first provide institutional investors with custody solutions for Bitcoin (BTC) and Ethereum (ETH). The operator has expressed a disinterest in soon opening a cryptocurrency exchange.

Ira Auerbach, who oversaw prime broker solutions at cryptocurrency exchange Gemini, will lead the incoming custodial services team.  Notwithstanding the bad macroeconomic conditions, institutional investors are nevertheless interested in cryptocurrencies at the start of the company’s new endeavor. Previously, Blackrock and Coinbase partnered to offer the opportunity to trade Bitcoin (BTC) to its users as well as the introduction of a private trust for Bitcoin (BTC).

Additionally, Virtu Financial, Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp. will launch a new cryptocurrency exchange together. According to Tal Cohen, executive VP of Nasdaq, widespread institutional acceptance of cryptocurrencies will spark a transformation. According to Bloomberg, he said: “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.”

Nasdaq intends to create further solutions, provide execution options, and provide liquidity services in addition to cryptocurrency custody services. The exchange operator will investigate several avenues for assisting emerging industries.