- The Nasdaq is looking for to supply custody companies to establishments dipping their toes into cryptocurrency.
- The alternate has been a service supplier available in the market for a while, however the brand new transfer marks a recent foray into the sector.
- The Nasdaq’s new service would carry the corporate into direct competitors with well-established corporations corresponding to Coinbase.
The Nasdaq U.S. inventory alternate is eyeing a push into institutional custody companies for bitcoin and cryptocurrency.
The transfer would mark a brand new chapter for the corporate that has thus far chosen to not compete in a market at the moment dominated by the likes of Coinbase, BitGo and Gemini. As a substitute, the alternate has serviced these establishments with choices corresponding to its buying and selling and market surveillance applied sciences.
In 2021, the alternate launched a digital property curriculum for monetary advisors in a partnership with asset supervisor Hashdex. The course sought to “present informative and academic assets for monetary advisors on the evolution of the digital asset ecosystem, investing issues, regulation, taxes and extra,” its announcement mentioned.
Extra lately, the Nasdaq partnered with Brazil’s largest brokerage agency, XP, for the launch of a bitcoin and cryptocurrency alternate within the South American nation.
Nasdaq’s new institutional custody providing is pending regulatory approval, a supply with data of the plans instructed The Block.
