• btc = $70 151.00 - 357.23 (-0.51 %)

  • eth = $3 586.42 -45.20 (-1.24 %)

  • ton = $5.07 -0.48 (-8.59 %)

  • btc = $70 151.00 - 357.23 (-0.51 %)

  • eth = $3 586.42 -45.20 (-1.24 %)

  • ton = $5.07 -0.48 (-8.59 %)

21 Sep, 2022
1 min time to read

Nasdaq, the second-largest stock exchange, prepares to capitalize on increasing appetite for digital currencies among institutional investors and is making its first major push into crypto.

The company created a new group dedicated to digital assets that will initially offer custody services for Bitcoin and Ether to institutional investors, Tal Cohen, the company’s executive vice president and head of North American markets announced.

As a custodian of digital assets, Nasdaq would be competing with crypto firms such as Coinbase, Anchorage Digital and BitGo. A small number of financial firms, including BNY Mellon and State Street, also provide crypto custody for institutions, although a recent SEC accounting guideline has made holding tokens on behalf of clients more capital intensive.

Bloomberg reports that Nasdaq hired Ira Auerbach, who ran prime broker services at crypto exchange Gemini, to head up the new Nasdaq Digital Assets unit.

However, Nasdaq’s overall approach to crypto has been usually very cautious because of lack of clarity in regulation.

We know how to operate under regulatory regimes, and we continue to innovate under the rules of the road. Embracing regulation as it comes is something we do. And institutions want us to operate under that framework,

Nasdaq CEO Adena Friedman told Bloomberg.