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Nasdaq INC., the parent company of the prominent US-based Nasdaq Stock Exchange, is reportedly planning to launch cryptocurrency custody services by the end of the second quarter, according to a recent BNB Bloomberg report.
Ira Auerbach, the head of Nasdaq Digital Assets, informed Bloomberg in an interview that the company is in the process of obtaining the necessary regulatory approvals and infrastructure to initiate the launch.
Auerbach mentioned that Nasdaq’s first step towards creating a range of crypto-focused services would be offering custody for Bitcoin (BTC) and Ethereum (ETH), the two leading digital assets by market capitalization.
Nasdaq first expressed its intention to launch crypto custody services in September of last year, emphasizing that institutional adoption of digital assets would propel the “next wave of revolution.” In October, Tai Cohen, Nasdaq’s executive vice president and head of North American markets, stated that the company aims to extend its crypto services by providing liquidity and embracing regulations.
Cohen explained that custody is a foundational aspect, and once established, Nasdaq can develop other solutions, offer execution services, liquidity services, and support new markets. He added that the company is adept at operating under regulatory regimes and continuously innovates within the existing rules, which is something institutions appreciate.