Nasdaq Is Offering a Cryptocurrency Custody Solution – Bitrates

The stock market giant Nasdaq is preparing to launch Nasdaq Digital Assets, a custody service for institutions.
Nasdaq has announced a crypto custody service called Nasdaq Digital Assets in a move that represents its first significant foray into the crypto market.
Nasdaq Digital Assets will serve as a custody solution for institutional investors. As such, it will store crypto in a way that complies with regulations and industry standards.
The platform will combine aspects of hot and cold cryptocurrency wallets. Nasdaq’s approach will provide high security, as seen in cold wallets, but it will also allow investors to quickly retrieve their investments, as seen in hot wallets.
The platform also aims to confront other challenges around liquidity and execution, according to statements made in an announcement.
Nasdaq CEO Adena Friedman said that Nasdaq Digital Assets “builds upon the successful solutions” that Nasdaq has introduced in the past. Those solutions include marketplace technology and crypto index services, among others.
Tal Cohen, Executive VP and Head of North American Markets, added that institutional investors are showing greater demand for digital assets. He added that Nasdaq is “well-positioned to accelerate broader adoption and drive sustainable growth.”
Nasdaq Digital Assets will be headed by Ira Auerbach, who previously held various executive roles at Gemini—a major cryptocurrency exchange founded by twin brother entrepreneurs Tyler and Cameron Winklevoss.
Though this is Nasdaq’s first major foray into cryptocurrency, the company has considered moving into crypto since at least 2018. At that time, CEO Adena Friedman told CNBC that Nasdaq “would consider becoming a crypto exchange over time,” assuming that it could provide a fair experience for investors.
That same year, Gemini began to use Nasdaq’s SMART surveillance technology to protect against market manipulation. In 2019, Nasdaq began to work with and offer that service to a total of seven cryptocurrency exchanges.
Nasdaq also launched the Nasdaq Crypto Index in February 2021, which tracks the performance of various digital assets and cryptocurrencies.
Nasdaq’s main competitor, the New York Stock Exchange (NYSE), is also becoming involved in crypto. NYSE filed a trademark for NFT trading in February, while NYSE Arca is supporting various proposed Bitcoin ETFs. NYSE operator ICE is also responsible for Bakkt, a payments service for cryptocurrency, loyalty points, and other assets.
These developments suggest that leading traditional stock exchanges see potential in cryptocurrency. Though neither stock exchange has opened a general-purpose crypto exchange to date, that does not seem out of the question given recent developments.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.

We value your privacy, your email address is safe with us.
Popular Coins
More in Industry
Starbucks Will Launch “Collectible Stamp” NFTs Based On Polygon Technology
Starbucks is building NFTs on Polygon’s blockchain technology; those collectibles will be part of the company’s loyalty program.
Sep 15, 2022
Binance To Merge Stablecoin Balances; Circle and Paxos Express Support
Binance is forcibly converting user balances of three stablecoins to its own competing stablecoin, Binance USD (BUSD).
Sep 08, 2022
Using Disposable Numbers to Maintain Privacy When Signing Up for Crypto Services
If you want to keep your privacy when buying crypto, you may be better off using a disposable number when registering for a service.
Sep 06, 2022
MicroStrategy Chair and Bitcoiner Michael Saylor Charged With Tax Evasion
Michael Saylor is facing charges of tax evasion. He heads MicroStrategy, the single largest corporate Bitcoin investor.
Sep 04, 2022
Editors’ Picks
U.K. Politics: How Will Liz Truss as PM and the Queen's Death Impact Crypto?
England’s plans for cryptocurrency and blockchain will likely continue despite a change in leadership.
Sep 20, 2022
What Is Dogechain? How the Layer 2 Project Is Related to Dogecoin
30 Aug
The Ethereum 2.0 Merge: How the Blockchain’s Two Paths Will Join
23 Aug
Tornado Cash Sanctions: How Are Crypto Companies Responding?
21 Aug
The Pros and Cons of Cryptocurrency Gambling Online
20 Sep
Ethereum Withdrawals Have Resumed – Here Are the Effects
19 Sep
Ethereum Slumps After Merge Completion, XRP, CEL, LUNA, Sep. 19
19 Sep
Can Big Eyes Achieve the Long-Term Success of Polygon and Theta Network?
2 Sep
A Guide To Choosing Bitcoin Hot Wallets Vs. Cold Wallets
11 Aug
Bitcoin and the Environment: What Is the Ecological Toll of Crypto?
2 Apr

Follow Us


Post expires at 6:24pm on Thursday March 23rd, 2023

Leave a Reply

Next Post

Comcast Announces Plan To Power a Greener Internet -

Fri Sep 23 , 2022
Now Reading Published 09-22-22Submitted by Comcast CorporationSummaryPHILADELPHIA, September 22, 2022 /CSRwire/ – Comcast announced at the SCTE Cable-Tec Expo 2022 that Comcast Cable plans to double its network energy efficiency by 2030, cutting the electricity per consumed terabyte of data in half.Comcast has been investing in a nationwide network transformation to […]
%d bloggers like this: