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Nasdaq: Crypto custody planned for this year

Following recent bankruptcies, Nasdaq is now trying to follow in the footsteps of crypto intermediaries.

By Mike Hesp
• 2 min read
Nasdaq: Crypto custody planned for this year

Following recent bankruptcies, Nasdaq is now trying to follow in the footsteps of crypto intermediaries.

The American technology exchange Nasdaq has been planning to roll out crypto custody services for a while now. It now looks like it’s moving fast. According to a Bloomberg report, the services will be introduced in the second quarter of this year.

After several banks and exchanges that were central to the crypto sector collapsed, important financial infrastructure is missing for moving from FIAT to cryptocurrencies, especially for institutional investors.

Nasdaq Digital Assets chief Ira Auerbach said in an interview that the exchange group is "full steam ahead" on getting all the necessary technical infrastructure and regulatory approvals.

Offering custody services for Bitcoin and Ethereum will be the "first step" in building a wide range of digital-asset services.

Besides Nasdaq, other financial services firms are filling the gap. Among them, for example, BNY Mellon or the French financial giant BNP Paribas. Wealth manager Fidelity also launched a crypto app this month for trading Bitcoin and Ethereum.

If Fidelity goes first, Nasdaq could be the next big U.S. player to deepen its involvement in the crypto sector.

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