According to PANews, Nasdaq's cryptocurrency project may be stalled or cancelled, including an unreported effort to tokenize U.S. Treasury bonds. This has resulted in members of the exchange giant's digital asset team no longer working for the company. In July last year, Nasdaq announced it would stop trying to become a licensed custodian of cryptocurrencies or digital assets, citing uncertainty in the U.S. regulatory environment.
An individual familiar with the matter revealed that Nasdaq has quietly shifted towards the suddenly popular field of tokenizing U.S. Treasury bonds or creating a blockchain-based version of U.S. debt. However, some members of Nasdaq's cryptocurrency team are no longer with the company. It is currently unclear how many people have left or the extent of the layoffs. Reports suggest that some have joined companies that are expanding faster in the cryptocurrency field, while Nasdaq is deliberately taking time to decide how to support this industry. Nasdaq declined to comment on its tokenization plans or staff departures.