Nasdaq is a multinational financial services company that runs major stock exchanges in the United States. By the end of the second quarter of this year, it plans to offer custody services for digital assets.
Ira Auerbach Senior Vice President
In an interview that was held in Paris, Ira Auerbach, senior vice president and head of Nasdaq Digital Assets, suggested in his comments that the stock exchange giant, Nadaq, is working round the clock to get all the necessary technical infrastructure and regulatory requirements in place in hopes of getting to the launch stage by the end of Q2.
The financial services group has asked the New York Department of Financial Services for a limited-purpose trust company charter, which would be in charge of the new business. In September of last year, the exchange operator announced a new project that would be its first step into the cryptocurrency space. This effort will begin with Bitcoin and Ether custody services as a foundation for a more extensive range of digital asset offerings that will eventually feature execution for financial institutions, according to Auerbach. It’ll only get better over time.
As the price of cryptocurrencies fell, several companies went bankrupt, and the FTX exchange shut down in November of last year. All hope is not lost, as traditional financial firms such as Nasdaq are stepping in to fill the gaping hole left by the implosion of FTX, the preferred digital asset exchange for trading firms and other professional investors.
Large financial companies like BNY Mellon and Fidelity already offer services to keep cryptocurrency safe, and we hope that Nasdaq will soon join them. Some companies, on the other hand, are focusing on tokenizing traditional assets like bonds in the hopes that the technology behind cryptocurrencies will make it easier to trade and process these assets.
