Bloomberg reported on Friday that Nasdaq (NDAQ) hopes to launch its cryptocurrency custody services by the end of the second quarter.
Nasdaq expects to launch crypto safekeeping services this year, joining a growing pool of traditional finance firms moving into the sector after a spate of bankruptcies https://t.co/Jz8TuFARcs
— Bloomberg (@business) March 24, 2023
Ira Auerbach, senior vice president and director of digital assets for a stock exchange operator, stated that the company is putting the necessary infrastructure and regulatory sanctions in place.
Nasdaq submitted an application to the New York Department of Financial Services (NYDFS) for a limited-purpose trust company charter to manage its custody service.
In September, Nasdaq announced its intentions to respond to institutional cryptocurrency investors’ demand.
Traditional finance firms such as Nasdaq are attempting to fill the void left by crypto-centric firms that have shuttered recently, with FTX, Silvergate, and Signature being the most notable.
If the Nasdaq’s appetite for cryptocurrencies remains robust, this could be a positive indicator of the widespread adoption of cryptocurrencies.
