The exchange is set to enter the crowded market of institutional bitcoin custody as it aims to become a service provider in the cryptocurrency space.
- The Nasdaq is seeking to offer custody services to institutions dipping their toes into cryptocurrency.
- The exchange has been a service provider in the market for some time, but the new move marks a fresh foray into the sector.
- The Nasdaq’s new service would bring the company into direct competition with well-established firms such as Coinbase.
The Nasdaq U.S. stock exchange is eyeing a push into institutional custody services for bitcoin and cryptocurrency.
The move would mark a new chapter for the company that has so far chosen to not compete in a market currently dominated by the likes of Coinbase, BitGo and Gemini. Instead, the exchange has serviced these institutions with offerings such as its trading and market surveillance technologies.
In 2021, the exchange launched a digital assets curriculum for financial advisors in a partnership with asset manager Hashdex. The course sought to “provide informative and educational resources for financial advisors on the evolution of the digital asset ecosystem, investing considerations, regulation, taxes and more,” its announcement said.
More recently, the Nasdaq partnered with Brazil’s largest brokerage firm, XP, for the launch of a bitcoin and cryptocurrency exchange in the South American country.
Nasdaq’s new institutional custody offering is pending regulatory approval, a source with knowledge of the plans told The Block.
Source: Bitcoin Magazine[mailpoet_form id="3"]