Nasdaq Inc. is planning to repurpose the technology it developed for a curtailed foray into cryptocurrency.
In July, Nasdaq postponed debuting its bitcoin custodian business in the United States, although it is still working on tokenized asset technology.
In an interview with Bloomberg Television, Nasdaq co-president Tal Cohen disclosed intentions to launch this technology as a full service. With this move, we hope to provide an institutional-grade infrastructure that supports markets for carbon trading and other digital assets.
This change results from increased regulatory scrutiny as major financial organizations, such as Nasdaq, reevaluate their role in digital assets. Nasdaq continues to concentrate on creating technology to handle cryptocurrency assets for customers, even while it has retreated from actively participating in cryptocurrency-related ventures.
The choice made by Nasdaq is consistent with more general financial market tendencies. As seen by one of the biggest share sales of 2023, U.K.-based companies, such as Arm Holdings, are increasingly selecting U.S. exchanges, especially Nasdaq, for major public offerings.
Speaking to the European market, Cohen said Nasdaq was willing to work with European legislators. He called attention to difficulties, including convoluted tax laws and regulations, and argued for reforms to make Europe more desirable for listings.
