In the later part of this year, Nasdaq plans to take advantage of the increasing demand for cryptocurrency-related services to help navigate more innovation in the space.
On March 24, amid the growing regulatory pressure and endless turbulence, a report from Bloomberg came in. according to the report, Nasdaq is planning to take advantage of the increasing demand for crypto-related services to bring more innovation into the space.
The crypto custody services from Nasdaq is already on their way says Bloomberg in his report and the expected launch of the product will be sometime by June end.
This move by Nasdaq conveys a fierce message as other financial giants like; Fidelity Investments, BlackRock, and BNY Mellon have set foot into the cryptocurrency space.
A Bold Step Into Cryptocurrency Custody
In a statement with Bloomberg, the Senior Vice President and Head of Nasdaq Digital Assets, Ira Auerbach, says that the New York-founded stock exchange has been growing a state-of-the-art custody solution for digital assets.
Similarly, Nasdaq has appealed to supply digital asset custody services. The said services are at present awaiting the New York Department of Financial Services approval.
At first, the major focuses will be BTC (Bitcoin) and ETH (Ethereum). Furthermore, the exchange is targeting to supply cryptocurrency services to financial institutions.
In a previous statement by Nasdaq’s CEO, Adena Friedman says that “the platform objective is to supply various advanced solutions like; crypto-related indexes for saleable products, market technology, or crypto-related financial crime in order to be of service to the cryptocurrency ecosystem”.
He goes on to say that Nasdaq is popular and well-established with the stock traders, the huge international multiple US as well as the global equity market, and at present, it’s taking a great risk on crypto.
But then, it is not surprising since Nasdaq partnered with Gemini and other crypto exchanges to supply them with market surveillance technology.
With the technology, these crypto exchanges can monitor the activities on their platforms. Also, they can pinpoint any manipulative or fraudulent practices thus; enhancing their entire security measures.
Wall Street Noticed
Since serious efforts have spread into the market, there is no doubt that the Wall Street players are aware of it and advancing steadily toward the industry.
This competition is propelled by the escalating demand for exposure to the Crypto market.
Because institutions most times embrace custodial services to hold funds or store private keys on exchanges, Nasdaq took advantage of it to launch their crypto-related services.
Apart from Nasdaq, other giants in traditional finance like BNY Mellon, Mastercard, and BlackRock are also entering the cryptocurrency space.
