important point

  • Nasdaq said custody is the first step in promoting digital assets.

  • The stock exchange operator plans to launch crypto custody services by the end of next quarter.

  • More traditional financial institutions are making inroads into the cryptocurrency space.

Nasdaq’s crypto custody service will launch next quarter

Nasdaq Inc. plans to launch digital asset custody services by the end of the second quarter of 2022. This latest development Reported by Bloomberg on friday.

The stock exchange market operator joins a number of other traditional financial firms making inroads into the cryptocurrency space. According to the report, NASDAQ is moving forward to obtain the necessary technical infrastructure and regulatory approvals.

Ira Auerbach, senior vice president and head of Nasdaq Digital Assets, made this clear in an interview in Paris. A Nasdaq executive added that the company has applied to the New York Department of Financial Services for a limited-purpose trust company license, a license that allows it to oversee its business.

this latest cryptocurrency news It comes after the company revealed its intention to enter the crypto space. September 2022, Nasdaq announced It will provide custody services for Bitcoin (BTC) and Ether (ETH) to institutional investors.

The firm has advanced to hire former Gemini employee Ira Auerbach as head of the new Nasdaq digital assets division.

More financial institutions could soon enter the crypto market

The recent bankruptcies of Silvergate and Signature banks have left a void in the cryptocurrency space, and experts believe traditional financial firms such as NASDAQ may step in to fill the gap. .

Nasdaq’s entry into the cryptocurrency market could prove a positive signal for mainstream cryptocurrency adoption and could help attract more companies to the market.

By Jules

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