Key Takeaways

• NASDAQ declared that custody is the initial step in its push for digital assets.

• The The stock exchange operator plans on launching its crypto custody service in the fourth quarter.

• More Traditional financial institutions are pushing into the cryptocurrency space.

NASDAQ prepares to launch its crypto custody services in Q2

Nasdaq Inc. has announced plans to launch its digital asset custody services by the end of 2022’s second quarter. This was revealed in a Report by Bloomberg On Friday.

The The stock exchange market operator is joining a number of traditional financial companies that are expanding into the cryptocurrency space. According According to the report NASDAQ is working hard to acquire the technical infrastructure and regulatory approvals that are needed.

Ira Auerbach, Senior Vice President and Chief of Nasdaq Digital Assets, spoke about this during an interview. Paris. The NASDAQ exec stated that the company has applied for the New York Department Of Financial Services For a limited-purpose trust corporation charter, a license that would permit it to oversee the business. 

This Latest cryptocurrency news comes after the company announced its intention to enter cryptospace. In September 2022, NASDAQ announces It would offer custody services Bitcoin (BTC) Ether Institutional investors can access (ETH)

The The firm hired Ira AuerbachA former Gemini Employee to lead the new Nasdaq Digital Assets Unit

More Financial institutions may soon be able to enter the crypto market

The Recent collapse Silvergate And Signature The cryptocurrency market has been dominated by banks. Experts believe more traditional financial firms, such as NASDAQ and NYSE, will step in to fill that gap. 

NASDAQ’s entry into the cryptocurrency space could prove a positive signal for mainstream cryptocurrency adoption, a situation that could help attract more companies to the market.