- The Nasdaq stock exchange platform is looking to launch a crypto custody service for institutions.
- Regulatory approval is currently pending for the exchange’s institutional offering.
- The main objective behind the move is to compete directly with the likes of Coinbase, BitGo, and Gemini.
An article posted on Nasdaq’s website yesterday reported that the U.S. stock exchange, Nasdaq, has begun exploration into institutional custody services for Bitcoin (BTC) and other cryptocurrencies. However, Nasdaq’s new institutional custody offering is pending regulatory approval at the moment.
According to the article, this latest move by the exchange would mark a new chapter for the company that has so far chosen to not compete in a market currently dominated by the likes of Coinbase, BitGo, and Gemini. The exchange has, nevertheless, been servicing these dominant crypto market players with offerings including trading and market surveillance technologies.
The decision to directly compete with the likes of Coinbase, BitGo, and Gemini is not the Nasdaq exchange’s first move into the crypto space. Nasdaq also launched a digital asset curriculum for financial advisors in partnership with an asset manager by the name of Hashdex in 2021.
An announcement made for the course stated that the main objective behind the curriculum was to provide informative and educational resources for financial advisors on the “evolution of the digital asset ecosystem, investing considerations, regulation, taxes, and more.”
In related news, Nasdaq has also partnered with XP, which is Brazil’s largest brokerage firm, to launch a bitcoin and crypto exchange in the country.
At the time of writing, the global crypto market cap is sitting at approximately $920.02 billion after a 2.18% decrease over the last 24 hours, as suggested by the crypto market tracking website, CoinMarketCap.