Nasdaq Inc., the leading stock exchange, is planning to launch its own cryptocurrency custody services by the end of Q2 2023, following in the footsteps of other financial giants like Fidelity and Bank of New York Mellon.
- In a recent interview, Ira Auerbach, Senior VP and Head of Nasdaq Digital Assets, revealed that the group is working to obtain all necessary approvals and create the technical infrastructure for the platform over the following months. Provided everything goes as planned, Nasdaq will begin offering cryptocurrency custody services halfway through next year.
- Nasdaq has also applied to the New York Department of Financial Services for a limited-purpose trust company charter to monitor the new business.
- By offering institutional-grade solutions for safekeeping assets like bitcoin and ether, Nasdaq is taking a significant step in the cryptocurrency world. The stock exchange established Nasdaq Digital Assets, a division aimed at helping institutions explore this asset class, in September 2020.
- Nasdaq is confident in the significant interest in crypto displayed by entities and sees its corporation as “well-positioned to accelerate broader adoption and drive sustainable growth.” Tal Cohen, Executive VP of the stock exchange, praised the potential of the digital asset ecosystem to transform markets in the long term.
“The technology that underpins the digital asset ecosystem has the potential to transform markets over the long term. To deliver on that opportunity, our focus will be to provide institutional-grade solutions that bring greater liquidity, integrity, and transparency to support the evolution,” said President Adena Friedman.