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Nasdaq to Launch Crypto Custody Service: BTC, ETH in 2023!

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• Nasdaq Stock Exchange has plans to launch a crypto custody service by the end of Q2.
• The exchange intends to provide services for BTC and ETH initially.
• Other traditional financial giants such as Fidelity Investments, BNY Mellon and BlackRock have also made moves into the digital asset space.

Nasdaq Launches Crypto Custody Service

New York-based Nasdaq Stock Exchange is looking to launch a crypto custody service by the end of the second quarter, Bloomberg News reported on March 24. The exchange first announced its plans to set up a digital asset business in September 2022 and has been steadily working on setting up the division over the months since.

Crypto Services Provided

Ira Auerbach, senior vice president and head of Nasdaq Digital Assets, 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. According to the report, Nasdaq is in the process of securing a limited-purpose trust company charter from the New York Department of Financial Services for the new division. The exchange intends to kick off its digital assets business with custody services for Bitcoin (BTC) and Ethereum (ETH). Auerbach added that eventually, Nasdaq’s digital assets arm would offer execution services for financial institutions as it continues to expand its business.

Traditional Financial Giants Join Crypto Space

Nasdaq is just one example of many traditional financial giants making moves into crypto after snubbing digital assets for several years — joining others such as Fidelity Investments, BNY Mellon and BlackRock. Asset management giant BlackRock — which has over $10 trillion in assets under management — quietly expanded into crypto this month with CEO Larry Fink speaking highly of digital assets in his annual shareholder letter.

Fink’s Thoughts On Digital Assets

Fink said: “At BlackRock we continue to explore the digital assets ecosystem, especially areas most relevant to our clients such as permissioned blockchains and tokenization of stocks and bonds. While the industry is maturing, there are clearly elevated risks and a need or regulation in this market.“

Conclusion

Nasdaq’s entry into cryptocurrency is yet another sign that mainstream adoption may not be too far away now as more traditional finance firms move towards offering crypto services alongside their existing offerings.

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