Nasdaq finally joins the ranks of TradFi giants such as Fidelity, BNY Mellon, and BlackRock in offering crypto services.New York’s Nasdaq Stock Exchange is planning to launch a crypto custody service by the end of the second quarter,The exchange plans to launch its digital assets business with custody services for the two most valuable cryptocurrencies by market capitalization, Bitcoin and Ethereum.
Nasdaq is currently working to obtain from the New York Department of Financial Services a limited-purpose trust company charter for its new crypto division, according to the report.its plans to set up a digital asset business, and it has been steadily working on it ever since. Ira Auerbach, Senior Vice President and Head of Digital Assets at Nasdaq, told Bloomberg that the exchange has been working on establishing solid infrastructure and securing the necessary regulatory approvals that will allow it to serve crypto customers.
Auerbach stated that custody is the first move in its plan to establish a wide range of digital asset services. He also stated that as the crypto division grows, it will eventually offer execution services to financial institutions.Nasdaq is not the first traditional financial institution to enter the crypto segment after years of speculation. Fidelity Investments, BNY Mellon, and BlackRock have been offering crypto services for quite some time now.
New York-based investment firm BlackRock, which manages over $10 trillion in assets, also entered the crypto market this month, with CEO Larry Fink praising digital assets in his annual