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A service for institutional crypto custody is about to be introduced by Nasdaq

By Anonymous

A service for institutional crypto custody is about to be introduced by Nasdaq




According to numerous persons briefed by the business, equity exchange operator Nasdaq has been planning an entry into institutional crypto custody service. 

The company, which runs markets for U.S. and international equities, is not new to the cryptocurrency business; it has provided market surveillance technology to exchange sites for cryptocurrencies at least since 2018. The exchange declared the launch of the Hashdex Nasdaq Crypto Index ETF, which is based on its own index, in February 2021. 

To compete with companies like Coinbase and FTX, the company has historically chosen to provide technology to participants in the cryptocurrency market rather than operating a market itself. 

According to a source, regulatory permission for the new offering is pending. Along with its investigation into crypto custody, Nasdaq is also launching a new subsidiary, Nasdaq Digital Assets, that is only dedicated to cryptocurrencies. 

The launch of the unit, according to a statement made after the article was published by Nasdaq, "underpins Nasdaq's ambition to advance and help facilitate broader institutional participation in digital assets by providing trusted and institutional-grade solutions, focused on enhanced custody, liquidity, and integrity."

Senior vice president at the company and recent Nasdaq hire from Gemini, Ira Auerbach, is in charge of the new division. 

"Nasdaq Digital Assets builds upon the successful solutions we have introduced in recent years to serve the digital assets ecosystem, including marketplace technology for digital asset exchanges, crypto-native anti-financial crime offerings, and crypto-related index solutions for tradable products," Nasdaq CEO Adena Friedman said in a press release. 

Institutional custody providers earn multi-billion dollar valuations in the cryptocurrency space's lucrative but crowded custody industry. Ledger, a provider of cryptocurrency wallets and custody services, secured a $1.5 billion value in June 2021, and Anchorage completed a $350 million investment round at a $3 billion valuation in December 2021. 

Article Credit: TheBlock

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