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Despite the current market downtrend, the crypto space is getting more crowded as even multinational financial firms are starting to make their entry. For instance, Nasdaq is reportedly starting to make preparations so it could offer custody services for cryptos such as Bitcoin (BTC) and Ether (ETH).
As more institutions are starting to dabble in cryptocurrencies, Nasdaq has revealed its plan of tapping into this growing corporate interest in digital currencies by adding more crypto-related services. The U.S. exchange is now in the preparatory stage of offering custodial services for Bitcoin and Ether to institutional clients, according to Cointelegraph.
Nasdaq has created a new group that will focus on digital assets and will be responsible for rolling out its Bitcoin (BTC) and Ether (ETH) custody services for institutions, according to Bloomberg. The new digital assets division will be led by Ira Auerbach, a former Gemini exec who led the crypto exchange’s prime broker services.
Auerback believes that further institutional adoption will drive the wave of financial revolution. He added that Nasdaq’s entry into the space will bring trust to the market.
However, this isn’t the first time Nasdaq has dabbled in crypto. In May this year, the U.S.-based exchange entered into a partnership with Brazil’s XP to establish the XTAGE crypto exchange. XTAGE, which is set to launch sometime this year, will bring new opportunities to investors and other companies, according to Nasdaq exec Roland Chai.
Last year, Nasdaq partnered with asset manager Hashdex to launch a digital assets curriculum for financial advisors. The aim of the course is to “provide informative and educational resources for financial advisors on the evolution of the digital asset ecosystem, investing considerations, regulation, taxes, and more.”
Nasdaq’s new offering to provide BTC and ETH custody services to institutions is pending regulatory approval.
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