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Home Crypto News

Nasdaq Plans to Launch an Institutional Crypto Custody Service

Admin by Admin
September 20, 2022
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The world’s leading equity exchange operator, Nasdaq has been plotting a move into institutional crypto custody service.

According to a report, Nasdaq is establishing a new crypto-focused division in tandem with its exploration into crypto custody, Nasdaq Digital Assets.

The firm in an announcement said the unit’s launch “underpins Nasdaq’s ambition to advance and help facilitate broader institutional participation in digital assets. This would be implemented by providing trusted and institutional-grade solutions focused on enhanced custody, liquidity, and integrity.

The new unit is being led by Ira Auerbach, a senior vice president at the firm who joined Nasdaq from Gemini.
In a press release, Nasdaq’s CEO, Adena Friedman stated, ”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”.
Custody is a lucrative, yet crowded, market in the crypto space, with institutional custody providers fetching multi-billion dollar valuations. Crypto wallet and custody firm Ledger clinched a $1.5 billion valuation in June 2021, while Anchorage closed a $350 million funding round at a $3 billion valuation in December 2021.
Read Also- Binance Stablecoin, Binance USD (BUSD) Expands to The Avalanche & Polygon Networks
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