Nasdaq, a New York-based private stock exchange, gave the good news by pointing to these 2 cryptocurrencies in its new announcement! Nasdaq will launch custody services for these 2 cryptocurrencies. Here are the details…
Bloomberg announced: Nasdaq is entering the cryptocurrency market!
According to data reported by Bloomberg News on March 24, 2023, the New York-based Nasdaq exchange is looking to launch a crypto custody service by the end of the second quarter. While the exchange first reported its plans to launch a digital asset business in September 2022, it has been working steadily on this project for months since then.
The top officials of the company are among the people who comment on the subject. Ira Auerbach, senior vice president and chairman of Nasdaq Digital Assets, told Bloomberg that the exchange is working to build a solid infrastructure that will allow it to serve crypto clients and to obtain the necessary regulatory approvals. According to the report, Nasdaq is in the process of obtaining a limited-purpose trust company contract from the New York Department of Financial Services for the new division. The exchange plans to launch its digital asset business with custody services for the two largest cryptocurrencies by market cap, Bitcoin and Ethereum.
Auerbach told the news outlet that custody is the first step in his plans to build a broad range of services for digital assets. He added that the division will eventually provide executive services for financial institutions as it continues to expand the business. Cryptocurrency markets, on the other hand, were active. After the news, investors expressed their positive reactions on Twitter.
Many large organizations are turning to digital assets!
Nasdaq is the latest traditional finance giant to switch to crypto after belittling digital assets for most of the past decade. Major companies that have previously turned to crypto include Fidelity Investments, BNY Mellon, and BlackRock, while most recently, Nasdaq is joining the caravan. With over $10 trillion in assets under management, wealth management giant BlackRock has quietly made its way into the cryptocurrency market this month, with CEO Larry Fink praising digital assets in his annual shareholder letter. Fink’s statements are as follows:
“At BlackRock, we continue to explore the digital assets ecosystem, particularly the areas most relevant to our customers, such as permissioned blockchains and the tokenization of stocks and bonds. As the industry matures, there are clearly increasing risks and a need or regulation in this market. BlackRock is committed to operational excellence and we plan to apply the same standards and controls we apply across our business to digital assets.”
Fidelity began offering crypto trading and custody services to its retail clients this month to fill the gaps left by the collapse of traditional banks like Silvergate, which has recently served the crypto industry. Meanwhile, BNY Mellon launched custody services for corporate clients in late 2022 and is quietly building its digital assets division.
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