According to multiple sources, Nasdaq is preparing to launch a crypto custody service. This stock market operator intends to launch this service for institutional clients. This is the Nasdaq Digital Assets which will initially develop an advanced custody solution for digital assets. This service will be intended primarily for financial institutions. This initiative of Nasdaq consists of providing services in the field of cryptos. Thus, this service is not really intended to facilitate the exchange of cryptocurrencies.
Nasdaq gets into crypto with Nasdaq Digital Assets
This announcement of the launch of crypto management funds could give the crypto market a big blow. Indeed, the second largest stock exchange in the United States is preparing to launch the Nasdaq Digital Assets only reserved for institutional clients. Initially, custody services will be available with bitcoin (BTC) and ether (ETH). This new offering is awaiting regulatory approval from the competent authorities.
According to Adena Friedman, Nasdaq Digital Assets is building on successful solutions introduced in recent years to serve the crypto ecosystem. This ecosystem includes several solutions such as market technology for crypto exchanges. But not only that, there are also crypto-related index solutions for tradable products. Not to mention offers to fight crypto-related financial crime.
The stock market giant has a strong presence in the cryptosphere
This company manages several US and global equity markets. However, Nasdaq is no stranger to the crypto market. Indeed, it has already provided, since 2018, market surveillance technologies to crypto-asset exchanges. In February 2021, it announced the debut of the Hashdex Nasdaq crypto Index ETF, based on its own index.
Initially, the exchange operator provided technology to crypto market participants rather than mining itself. In an effort to compete with companies like Coinbase and FTX.
This move is important for the Nasdaq business because crypto custody is a lucrative market. Indeed, there are niches to exploit although this market is crowded with suppliers that can reach values of several billion dollars.
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