The Nasdaq is setting up to launch a cryptocurrency custody platform. The move is in line with the organization’s mission to be a services supplier rather than a cryptocurrency facilitator.
Nasdaq (NDAQ), the 2nd biggest stock exchange in the United States, is moving to produce a “push” – providing cryptocurrency custody solutions to institutional customers, in accordance to a report. Press release September twenty.
Today, @Nasdaq announce the 1st big push in the direction of cryptocurrencies to get benefit of the expanding appetite for digital currencies between institutional traders.
Read much more on Bloomberg @business: https://t.co/Je3yP9I1hk
– Nasdaq (@Nasdaq) September 20, 2022
The firm has invited Ira Auerbach, Gemini’s former head of brokerage solutions, to lead its digital assets division. Tal Cohen, leader of Nasdaq in North America, explained:
“The demand from institutional investors for participation in digital assets has increased in recent years and the Nasdaq is well positioned to accelerate wider adoption and drive sustainable growth.”
If effectively launched, the Nasdaq will compete right with the Coinbase, sAnchorage Digital and BitGo exchanges for Bitcoin (BTC) and Ethereum (ETH) holdings of institutional customers in the United States.
The Nasdaq is open to partnering with big cryptocurrency firms, though they have no brief-phrase acquisition ideas, Bloomberg present much more information and facts.
The move is the newest growth of the Nasdaq stance on cryptocurrencies, just after listing of an ETF with publicity to Valkyrie’s Bitcoin mining at the starting of the yr. Historically, the Nasdaq has been a custodian engineering supplier for cryptocurrency marketplace participants rather than managing the platform itself. The exchange has also launched the Nasdaq Crypto Index ETF.
The foray of the Nasdaq into the crypto area is understandable even offered the huge wave that is taking area on Wall Street. Last month, BlackRock, the world’s biggest asset management group, partnered with Coinbase provide cryptocurrency trading for institutional customers. Prior to this information, Bitcoin’s price tag reacted fairly positively. Also in associated developments, Depository Trust & Clearing Corp. – the firm that handles practically all transactions on the US stock marketplace, launched its very own blockchainwith a wish to velocity up transaction payments.
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