Nasdaq plans to enter the crypto market segment with new services – Money Times

Nasdaq Awaiting regulatory approval to launch new unit. (Photo: REUTERS/Brendan McDermid)

inventory alternate Nasdaq plans to enter the custodial services segment cryptocurrencies for institutional traders, in accordance to a number of folks briefed by the firm.

NasdaqActed as a supplier reasonably than a newcomer to the cryptocurrency market buying and selling US and world shares. know-how to monitor the market cryptocurrency exchanges From 2018.

In February 2021, the inventory alternate introduced the launch of the Hashdex Nasdaq Crypto Index alternate-traded fund (ETF), primarily based on the index itself.

Historically, Nasdaq chooses to present know-how to cryptocurrency market contributors as an alternative of managing the market to compete with different firms corresponding to Coinbase (COIN) and FTX.

Nasdaq Digital Assets is coming

new provide Nasdaq It is awaiting regulatory approval, in accordance to one in all the sources. The alternate can also be making a new crypto-focused division alongside with its exploration into the cryptocurrency storage segment – Nasdaq Digital Assets.

In an announcement, the inventory alternate expressed its ambition to launch the facility Nasdaq to facilitate and assist enhance institutional engagement in digital belongings by offering sturdy institutional-degree options geared toward higher storage, liquidity and integrity”.

The new division can be headed by the firm’s senior vp, Ira Auerbach. Nasdaq After engaged on the Gemini crypto alternate.

Nasdaq Digital Assets builds on the profitable options now we have applied lately to serve the digital asset ecosystem, together with digital asset brokerage market know-how, crypto-real choices towards monetary crimes, and cryptographic options index for traded merchandise. Chief Executive Officer offers NasdaqAdena Friedman, in a press launch.

Custody is a profitable however aggressive segment of the cryptocurrency market, with institutional custody suppliers commanding billions.

Crypto pockets and custodial agency Ledger raised $1.5 billion in June 2021, and Anchorage closed a $350 million funding spherical in December 2021 that valued it at $3 billion.

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