Nasdaq Plans to Offer Custody Services for Bitcoin and Ethereum
According to Bloomberg News on March 24, Nasdaq Stock Exchange, headquartered in New York, plans to introduce a crypto custody service by the end of the second quarter.
The exchange announced its intention to establish a digital asset business in September 2022 and has made gradual progress in setting up the department.
Nasdaq Digital Assets’ senior vice president, Ira Auerbach, explained that the exchange is working to develop a reliable infrastructure and obtain the required regulatory clearances that will enable it to serve crypto clients.
The report stated that Nasdaq is pursuing a limited-purpose trust company charter from the New York Department of Financial Services for its new unit, which will begin by offering custody services for the two largest cryptocurrencies by market capitalization: Bitcoin and Ethereum.
READ MORE: Terra Network’s Native Tokens Drop as Founder Do Kwon is Finally Caught
Custody is the first step in the exchange’s plans to provide a wide range of digital asset services, Auerbach added.
Nasdaq is the latest traditional financial institution to enter the crypto market, joining the ranks of Fidelity Investments, BNY Mellon, and BlackRock, all of whom have recently added crypto-related services to their offerings.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
