According reportsStock exchange operator Nasdaq is expected to enter the institutional cryptocurrency custody service soon.
The reason for this move can be said to increase the scope of the operator’s range of services that have been provided in this particular space.
Nasdaq is a company that operates in US and global equity markets and was previously affiliated with unconventional financial markets.
It has served as a market surveillance technology provider to crypto exchange companies for the past two years.
Earlier last year, the exchange announced the launch of the Hashdex Nasdaq Crypto Index ETF, which was based on Nasdaq’s own index.
Adena Friedman, President and CEO, mentioned,
Nasdaq Digital Assets builds on the successful solutions we’ve introduced in recent years to serve the digital asset ecosystem, including marketplace technology for digital asset exchanges, crypto-native crime-fighting offerings financial and crypto-related index solutions for tradable products.
Crypto custody solution with liquidity and execution services
Nasdaq’s plan is to first develop an advanced custody solution and then introduce liquidity and execution services, which would support the ensuing industry challenges.
They specifically include connectivity, availability and efficiency issues.
The operator custody solution is supposed to bring together all the best features of crypto wallets with the help of innovative technology offerings.
This, in turn, should provide a high level of accessibility and scalability while ensuring that security is not compromised.
The offer by the exchange operator will be subject to regulatory approval in the applicable jurisdictions.
Friedman further stated,
The technology underpinning the digital asset ecosystem has the potential to transform markets in the long run. To seize this opportunity, our focus will be on providing institutional-grade solutions that bring greater liquidity, integrity and transparency to support evolution.
Accelerate wider and seamless crypto industry adoption
The growth of the cryptocurrency industry coupled with an increased number of investors engaging in the digital asset industry has caused Nasdaq to accelerate this plan with the aim of broader crypto adoption. .
Not just growth, this crypto custodial service is also one step closer to ensuring sustainable growth in the space.
Tal Choen, Executive Vice President and Head of North American Markets, quoted in Nasdaq,
With our trusted brand and strong track record as a technology provider for global financial markets, Nasdaq is uniquely positioned to solve industry challenges by improving liquidity, scalability and resilience, in the purpose of instilling greater trust in the digital asset ecosystem. .
Ira Auerbach, senior vice president and head of digital assets, will lead the team.
Auerbach will lead the team’s strategic roadmap, product development and growth goals.