Nasdaq (NDAQ) is aiming to debut its crypto custody services by the end of the second quarter, Bloomberg reported on Friday.
By the end of the second quarter of this year, the global financial marketplace Nasdaq plans to roll out its custody services for digital assets, according to Bloomberg.
According to Bloomberg, the exchange group has asked the New York Department of Financial Services, which would regulate the new entity, for a limited-purpose trust company charter.
Ira Auerbach, senior vice president of Nasdaq and head of Nasdaq Digital Assets, reportedly revealed this in a Paris interview and stated that the team is committed to making sure all required technical infrastructure and regulatory permissions are in place.
The idea, which was first introduced in September, represents the exchange operator’s major entry into the cryptocurrency market. The first task for Nasdaq’s division for digital assets will be to protect Bitcoin ($27,876) and Ether ($1,767), with future plans to develop a wide range of services for the group’s division for digital assets, including execution for financial institutions, according to what Auerbach reportedly shared.
Nasdaq’s arrival may possibly influence the course of the industry, with established financial institutions stepping up to fill the void created by bankruptcies in the cryptocurrency space.
The trust of institutional investors in the cryptocurrency market may increase thanks to its standing and scale in the global exchange market, opening the door for other established financial institutions to follow suit.
Nasdaq will soon join BNY Mellon and Fidelity as well as the other significant financial institutions that provide crypto preservation. The oldest bank in America, BNY Mellon, was said to have started offering cryptocurrency services in 2022.
In order to create cryptocurrency solutions and a platform to integrate digital and traditional asset custody, the 238-year-old bank established an enterprise digital assets business in 2021.
