Breaking: Nasdaq To Offer Crypto Custody Services Soon Despite Regulatory Burden

Exchange operator Nasdaq on Friday said it is expecting to launch its crypto custody services by the end of the second quarter. The move is aimed at broadening the operator’s range of services in the crypto space following bankruptcies and regulatory burden from regulators.

Nasdaq aims to offer custody services for digital assets by the June end, filling the gap left by bankruptcies in the crypto sector such as FTX. Nasdaq applied for a limited-purpose trust company charter with the New York Department of Financial Services, reported Bloomberg on March 24.

Ira Auerbach, senior vice president and head of Nasdaq Digital Assets, the group is moving ahead with getting all necessary requirements including regulatory approvals ready before, said during the Blockchain Week Summit in Paris, France.

In September, the exchange group revealed that it will initially offer custody services for Bitcoin and Ethereum to institutional investors through a new group dedicated to digital assets.

Nasdaq will join BNY Mellon, Fidelity Digital Assets, Citadel Securities, and Virtu Financial among other large financial firms offering crypto custody. Meanwhile, there are efforts focusing on tokenizing traditional assets like bonds in the hopes of making trading and processing the assets more efficient through crypto technology.

Apart from crypto custody services, Nasdaq plans to develop other solutions, and offer execution services and liquidity services. The exchange operator will also explore how to support new markets.

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