Nasdaq to launch crypto custody platform

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Updated March 27, 2023 | Published March 27, 2023

2 mins read

The American stock exchange will offer custody services for Bitcoin and other cryptocurrencies.

The New York-based Nasdaq Stock Market is set to launch a crypto custody platform in September 2023.

Taking a step into the digital assets industry, the stock exchange will join traditional financial institutions offering crypto custody services such as Fidelity Investments and The Bank of New York Mellon Corporation.

The new digital offering will be headed by Nasdaq’s senior vice president Ira Auerbach, former global head of Gemini Prime, the firm's main brokerage service.

The launch comes at a time when several crypto firms have collapsed (Genesis Global Capital and Genesis Asia Pacific are both filing for bankruptcy) and government agencies have announced a watchful eye on custodians of crypto assets.

Recently, the US Securities and Exchange Commission issued a warning to crypto investors urging them to be cautious of “significant” loss and financial risk from scams, fake coin offerings, Ponzi and pyramid schemes, and “outright theft”.

However, amid several firms erring on the side of caution regarding crypto investments, some traditional financial institutions have been increasing their offerings.

Earlier this month, Fidelity rolled out crypto operations and custody services to retail clients with the launch of its recent retail cryptocurrency trading platform.

Although the launch will roll out in Q2, Nasdaq has been considering a digital assets business for some time.

Last year, it said its vision was driven by a desire to “advance and help facilitate broader institutional participation in digital assets” and “play a central role in combatting the rising threat of financial crime” in crypto.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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