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.
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.