Nasdaq To Launch Institutional Bitcoin, Crypto Custody Services: Report

The exchange is set to enter the crowded market of institutional bitcoin custody as it aims to become a service provider in the cryptocurrency space.

The Nasdaq is seeking to offer custody services to institutions dipping their toes into cryptocurrency.The exchange has been a service provider in the market for some time, but the new move marks a fresh foray into the sector.The Nasdaq’s new service would bring the company into direct competition with well-established firms such as Coinbase.

The Nasdaq U.S. stock exchange is eyeing a push into institutional custody services for bitcoin and cryptocurrency.

The move would mark a new chapter for the company that has so far chosen to not compete in a market currently dominated by the likes of Coinbase, BitGo and Gemini. Instead, the exchange has serviced these institutions with offerings such as its trading and market surveillance technologies.

In 2021, the exchange launched a digital assets curriculum for financial advisors in a partnership with asset manager Hashdex. The course sought to “provide informative and educational resources for financial advisors on the evolution of the digital asset ecosystem, investing considerations, regulation, taxes and more,” its announcement said.

More recently, the Nasdaq partnered with Brazil’s largest brokerage firm, XP, for the launch of a bitcoin and cryptocurrency exchange in the South American country.

Nasdaq’s new institutional custody offering is pending regulatory approval, a source with knowledge of the plans told The Block.

Related Posts

US Treasury yields are soaring, but what does it mean for markets and crypto?

The 10-year U.S. Treasury yield recently hit its highest level in 12 years, but how might this impact investors’ sentiment toward stocks and cryptocurrencies? Across all tradeable…

SEC alleges fintech and ‘market maker’ firms manipulated crypto market in token scheme

Though the SEC has pursued many enforcement actions related to initial coin offerings, the regulator’s stance on airdrops’ role in alleged token schemes is unclear. The United…

ECB reports on digital euro validation, privacy one year into investigative phase

The ECB’s two-year investigative phase is halfway completed, with key use and policy issues clarified; more stakeholder engagement is planned before the decision is made to proceed….

Kazakhstan Completes First Crypto Purchase With Local Currency, Eyes Regulation: Report

President Tokayev said Kazakhstan will give full legal recognition to digital assets if demand persists while they continue testing security concerns. The first purchase of cryptocurrency with…

Diana Sinclair “Phases” NFT Collection To Drop On Christie’s 3.0

Diana Sinclair, the 18-year-old top NFT creator, kicks off Christie’s 3.0 with her first solo exhibit, Phases starting this week. On September 28, Christie’s launched its on-chain…

What Bear Market? A Single CryptoPunk NFT Just Sold For $4.5 Million

The NFT market has taken a good hit during the latest iteration of the crypto market bear run. But not all collections have lost favor in the…

Generated by Feedzy