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Nasdaq to Launch Crypto Custody Services by End of Q2
Mar, 28 2023
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According to a story that was published on Friday by Bloomberg, Nasdaq (NDAQ) is planning to launch its cryptocurrency custody services by the end of the second quarter.
The New York Department of Financial Services (NYDFS) was approached by Nasdaq regarding the establishment of a limited-purpose trust company charter that would be responsible for monitoring its custody service.
In
September of last year, Nasdaq made public
its plans to meet the demand from institutional investors in cryptocurrency by
announcing that it would begin trading the asset. Nasdaq and other
conventional financial companies are stepping in to fill the void left by
crypto-centric businesses that shut down recently. The cryptocurrency
exchange FTX and the
banks Silvergate and Signature are the most famous examples of these
types of businesses.
The enthusiasm for cryptocurrency among entities such as Nasdaq continues to be robust. This may prove to be a positive indication of the acceptance of cryptocurrencies by the mainstream. The request for additional feedback from CoinDesk was not met with an instant response from Nasdaq.
The project was initially revealed in September, and it will be the first major effort into the cryptocurrency market that the exchange operator undertakes. Auerbach is quoted as saying that the first step for Nasdaq's digital assets division will be to ensure the safety of Bitcoin and Ether.
Eventually, the company intends to build a comprehensive suite of services for the group's digital assets division, which will reportedly include execution for financial institutions.
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Joyashree Dey
CBW - External Analyst
INDIA
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