- It is likely that the work of Nasdaq, Inc. Try to take advantage of the growing market.
- Cryptocurrency custody services are a multibillion dollar industry.
It was reported that Nasdaq Inc. , the second largest stock exchange, is looking to start offering cryptocurrency custody services. Reportedly, efforts to join the crypto custodian business are awaiting regulatory permission at this time.
As part of its expansion, Nasdaq is forming a new company called Nasdaq Digital Assets, which will focus solely on cryptocurrencies. Tal Cohen, Executive Vice President and Head of North American Markets at Nasdaq Inc., said the new business will first provide Bitcoin (BTC) and Ethereum Custody Services (ETH) for institutional investors.
Since at least 2018, Nasdaq, Inc. Active in the cryptocurrency market. The company’s market monitoring capabilities have been used by many cryptocurrency exchanges. The exchange revealed the February 2021 debut of the Hashdex Nasdaq Crypto ETF, which is based on its own index.
Increase flow to the sector
Compared to competitors like Queen Piece and FTX, which both operate their own crypto exchanges, the company has chosen to focus on providing advanced technologies to the crypto industry instead.
It is likely that the work of Nasdaq, Inc. Try to take advantage of the growing market for such investments. The custodial service firms have also received money from banks such as Barclays. The French banking force BNP Paribas also entered the battle of regency. A crypto custody agreement has been entered into with the Swiss digital asset custodian company Metaco.
Cryptocurrency custody services are a multi-billion dollar industry crowded with competitors. The Nasdaq movement is in line with its long-term strategy. To become a crypto industry service provider rather than a trading platform. However, this measure illustrates the growing importance of digital currency. Financial giants have started offering crypto-related services in response to consumer demand. The entry of Nasdaq, Inc. To the cryptocurrency market to increase the flow of institutional funds into this sector.
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