As a service provider in cryptocurrency, the exchange will be entering the highly competitive market for institutional bitcoin custody.
- Institutions interested in cryptocurrency are invited to use the custody services offered by The Nasdaq.
- Although the exchange has been in the market as a service provider for some time, the new move is a new venture into the sector.
- The new Nasdaq service will place the company in direct competition with established firms like Coinbase.
The Nasdaq U.S. Stock Exchange is looking to expand its institutional custody services for cryptocurrency and bitcoin.
This would be a major milestone for the company, which has not been able to compete in the market dominated by BitGo, Coinbase and Gemini. Instead, the exchange provided services to these institutions through its trading and market surveillance technology offerings.
The exchange launched a digital asset curriculum for financial professionals in partnership with Hashdex in 2021. Its announcement stated that the course was designed to provide financial advisors with educational and informative resources on the evolution and regulation of the digital asset ecosystem, taxation, and other topics.
Recent partnerships between the Nasdaq and Brazil's largest brokerage, XP, have led to the creation of a cryptocurrency and bitcoin exchange in South America.
A source familiar with the plans said that Nasdaq's institutional custody offering is still awaiting regulatory approval.
Title: Nasdaq To Launch Institutional Bitcoin, Crypto Custody Services: Report
Sourced From: bitcoinmagazine.com/markets/nasdaq-to-launch-crypto-custody-services
Published Date: Tue, 20 Sep 2022 12:37:23 GMT