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Nasdaq Set To Launch Institutional Crypto Custody Services⁩

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Nasdaq (NDAQ), a U.S. stock market operator, announced on September 20th, 2022, the launch of the “Nasdaq Digital Assets,” a new business for providing cryptocurrency custody services to institutional investors. The exchange is set to enter the institutional bitcoin custody market and aims to become a service provider in the cryptocurrency space. 

The recent development marks a new path for the Nasdaq exchange. This move would dip Nasdaq in crypto and set them on a competition line with well-established crypto players like Coinbase, BitGo, and Gemini in attracting institutional investors. 

Nasdaq indicated in a report that it is yet to make plans to launch a crypto exchange but will consider launching a crypto exchange based on regulations and the competitive environment. 

In February 2021, the exchange partnered with Hashdex, an asset manager, and launched a digital assets curriculum for financial advisors (Hashdex Nasdaq Crypto Index ETF) in March 2022. The launch was to provide informative and educational materials for financial advisors on the evolution of the digital asset ecosystem, investment options, regulation, taxes, etc. 

Recently, Nasdaq partnered with XP, Brazil’s largest brokerage firm, to launch a bitcoin and cryptocurrency exchange in South America.

The move by Nasdaq points out that several of Wall Street’s most prominent names believe in cryptocurrency. BlackRock partnered with Coinbase Global Inc to ease bitcoin trading for investors, and key organizations Charles Schwab, Citadel Securities, and Fidelity Digital Assets had announced the launch of their bitcoin and cryptocurrency exchange. 

Ira Auerbach leads the Nasdaq Digital Asset unit. However, a source revealed that the institutional custody offering for Nasdaq still awaits regulatory approval. 

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