• 23 July, 2024
News

NASDAQ Digital Assets Set to Offer ETH, BTC Custody Services

The global stock exchange operator Nasdaq Inc. is reportedly set to offer Bitcoin (BTC) and Ethereum (ETH) custody services by June 2023. Under the auspices of Nasdaq Inc., its arm Nasdaq Digital Assets is reported to begin offering digital assets custody services by the end of Q2 2023.

While regulatory uncertainty has largely embraced the cryptocurrency industry in several countries, the initiative signifies rising institutional inclination towards the cryptocurrency industry.

As per Ira Auerbach, senior vice president and head, Nasdaq Digital Assets, the entity is in the process of readying its technical infrastructure and seeking regulatory approvals. Nasdaq is also applying to the New York Department of Financial Services (NYDFS) for a trust company charter to supervise the proposed business.

Auerbach states, Institutions are definitely getting more comfortable with the idea of investing in digital assets. We’re seeing more and more demand from our clients for access to these assets, and we want to be able to provide them with a secure and reliable solution.

Auerbach says offering BTC and ETH custody services is the entry point for Nasdaq to ultimately offer an entire ecosystem of services for its digital assets division. The idea is to finally begin offering services for financial institutions, per Auerbach.

BlackRock has also reportedly made a quiet foray into the cryptocurrency industry, per CEO Larry Fink’s annual shareholder letter. 

Fink notes, At BlackRock we continue to explore the digital assets ecosystem, especially areas most relevant to our clients such as permissioned blockchains and tokenization of stocks and bonds.

While the industry is maturing, there are clearly elevated risks and a need or regulation in this market. BlackRock is committed to operational excellence, and we plan to apply the same standards and controls to digital assets that we do across our business.

Notably, since October 2022, BNY Mellon and Fidelity have also begun offering institutional cryptocurrency custody services.

New Address Surges to Top of Blur Leaderboard in Mere Days Read Previous

New Address Surges to Top of Blur Leaderboard in Mere Days

XRP Surges: Legal Battles, Whales, and Financial Adoption Driving the Rally Read Next

XRP Surges: Legal Battles, Whales, and Financial Adoption Driving the Rally