Nasdaq will provide crypto custody service for BTC, ETH in 2023 to build digital assets arm

Nasdaq is the most recent conventional financial titan to tilt towards cryptocurrencies, joining Fidelity Investments, BNY Mellon, and BlackRock in this regard.

Since September 2022, when the exchange first declared its intention to establish a digital asset company, it has been progressively establishing the division.

According to Bloomberg, Ira Auerbach, senior vice president and head of Nasdaq Digital Assets, has said that the exchange has been striving to develop reliable infrastructure and get appropriate regulatory licenses to start accepting cryptocurrency trading from users.

According to Auerbach, custody is the first stage in the company’s aspirations to provide a vast array of services for digital assets. As the firm continues to grow, he noted, the division will ultimately provide execution services to financial institutions.

In addition to Fidelity Investments, BNY Mellon, and BlackRock, Nasdaq is the most recent conventional financial giant to embrace cryptocurrencies after ignoring them for more than a decade.

BlackRock, which manages more than $10 trillion in assets, discreetly entered the cryptocurrency market last month, with CEO Larry Fink praising digital assets in his annual shareholder letter.

Fink said: BlackRock’s research into the digital assets ecosystem includes permissioned blockchains and the tokenization of stocks and bonds as two of the sectors most significant to their customers. While the market is evolving, there are more substantial dangers and a need for regulation.

This month, Fidelity started providing cryptocurrency trading and custody services to retail consumers to fill the void created by the demise of conventional banks like Silvergate that had been supporting the cryptocurrency sector.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.