Nasdaq Inc. (NDAQ) plans to launch a service that could fill residents in a crypto brokerage position after what happened last year.
Nasdaq Digital Assets Senior Vice President Ira Auerbach said in a recent statement that it continues to acquire the main server and connectivity space for the crypto custody service. In this context, Nasdaq previously applied to the New York Department of Financial Services for a company formation that will run its new service.
Nasdaq's crypto service custody project was first announced in September 2022. Operated by one of the world's largest exchanges, such as Nasdaq, the company's crypto service facility was welcomed by crypto investors.
Ira Auerbach said that providing custody services for the largest crypto assets such as Bitcoin and Ethereum will target the first step of the broad service package that the digital asset division will offer in the future. During the operation, Auerbach also hinted that the company could start crypto trading. The entry of traditional financial institutions such as the Nasdaq into the crypto sector is seen as an important step towards global adoption of the industry. So much so that financial institutions providing crypto services is seen as a phenomenon that increases trust.
Nasdaq, which is expected to be offered to crypto custody before the end of the second quarter of the year, will thus join other major financial institutions BNY Mellon and Fidelity. In addition, Fidelity recently took another step and announced the future of commission-free Bitcoin and Ethereum trading for customers on its platform.