Nasdaq plans to launch a cryptocurrency custody service by the end of Q2 2023.
NASDAQ OMX Group, the international exchange operator, is launching the Nasdaq Eyes Crypto Custody service, which will provide storage services for digital assets. It’s reported by Bloomberg. According to the publication, the service will be launched by the end of Q2 this year.
Bloomberg reports that Nasdaq has already applied to the New York Department of Financial Services to establish a separate limited-purpose trust company to manage the new business. At the moment, the company is working on getting regulatory approvals and creating the necessary technical infrastructure. Ira Auerbach, Head of NASDAQ Digital Assets, made the announcement during Paris Blockchain Week.
The project was unveiled last September and will be Nasdaq’s first major crypto service. Nasdaq Eyes Crypto Custody customers will be able to store BTC and ETH immediately upon launch. However, NASDAQ Digital Assets plans to offer a wider range of services, including intermediary services for financial institutions, in the future.
Thus, Nasdaq joins other large financial institutions, such as BNY Mellon and Fidelity, offering crypto custody. Recall that BNY Mellon, the oldest bank in the United States, began developing a platform to combine digital and traditional assets in 2021. Fidelity Investments, one of the four largest international asset management companies, also integrated crypto investing tools for its clients, such as adding the ability for 401(k) savings accounts to invest directly in Bitcoin. These processes indicate a gradual adoption of cryptocurrencies by institutional investors.
