<p class="MsoNormal">Five months after launching its
digital asset services division, top securities marketplace, Nasdaq, now
expects to launch its cryptocurrency custody services by the end of the second
quarter of this year. Bloomberg reports that the Wall Street giant has applied
for a limited-purpose trust company charter from the New York financial
services regulator.</p><p class="MsoNormal text-align-justify">Nasdaq Eyes First Major Crypto
Project</p><p class="MsoNormal">Ira Auerbach, the Head of Nasdaq
Digital Assets, told the outlet in Paris that the stock exchange group will
make sure to obtain all needed regulatory permits as well as install requisite technical infrastructure. The launch of the custody services will be
the exchange operator's first major project in the crypto industry.</p><p class="MsoNormal">Nasdaq first announced its
intention <a href="https://www.financemagnates.com/cryptocurrency/news/nasdaq-to-launch-crypto-custody-services-for-institutions/" target="_blank" rel="follow">to diversify into the digital asset
industry</a> in September last year, noting that it plans to launch crypto services for institutions. Finance Magnates reports that the trading venue said it does have any immediate plans to launch crypto
trading services. Nasdaq had said the decision will be finalized based on the regulatory
landscape and industry competition. However, Auerbach in a new interview told Bloomberg that the company will expand its suite of offerings over time to include services such as <a href="https://www.financemagnates.com/terms/e/execution/" class="terms__main-term" id="60010adb-9e25-4bff-9822-c9210deec853">execution</a>. </p><p class="MsoNormal">Already, Nasdaq provides
marketplace technology for digital asset exchanges, crypto-native
anti-financial crime offerings and crypto-related index solutions for tradable
products. However, the firm believes it is “well-positioned to accelerate broader
adoption and drive sustainable growth” in the digital assets industry.</p><p class="MsoNormal text-align-justify">Institutions Join the Crypto
Race</p><p class="MsoNormal">Over the last few years, the
number of Wall Street giants stating interest in the cryptocurrency
industry has been on the rise, with Nasdaq being the latest. Early last
year, BNY Mellon, one of the oldest banks in the United States, <a href="https://www.financemagnates.com/cryptocurrency/bny-mellon-preparing-to-launch-institutional-crypto-custody-platform/" target="_blank" rel="follow">announced plans</a> to launch a crypto custody platform. </p><p class="MsoNormal">Furthermore, other top US financial services
corporations, such as <a href="https://www.financemagnates.com/cryptocurrency/fidelity-crypto-arm-to-offer-clients-bitcoin-backed-cash-loans/" target="_blank" rel="follow">Fidelity</a> and <a href="https://www.financemagnates.com/cryptocurrency/news/jpmorgan-starts-offering-in-house-bitcoin-fund-to-private-clients/" target="_blank" rel="follow">JPMorgan</a>, are directly or indirectly involved
with crypto businesses.</p><p class="MsoNormal">Meanwhile, a recent study by
Eurex, one of the world’s largest derivatives exchanges, found that
institutional investors are keen on sticking with the digital asset industry
despite <a href="https://www.financemagnates.com/cryptocurrency/whats-next-for-crypto-after-the-chaos-of-2022/" target="_blank" rel="follow">a chaotic 2022</a>.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
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