Nasdaq Inc., the American stock exchange operator, is set to launch its custody services for digital assets by the end of the second quarter of 2023. This move by Nasdaq follows a trend in the financial industry of traditional financial firms expanding into the cryptocurrency space.
The custody services provided by Nasdaq will involve the secure storage of digital assets, which is seen as a crucial component of the infrastructure needed to support institutional adoption of cryptocurrencies. The launch of Nasdaq’s custody services is expected to boost the adoption of cryptocurrencies among institutional investors as it will provide them with a trusted and regulated platform to store their digital assets.
Initially, Nasdaq’s custody services will support two major cryptocurrencies, bitcoin and ethereum, with plans to expand to other digital assets in the future. The company has also noted that its custody services will comply with all relevant regulatory requirements.