According to anonymous sources cited by Bloomberg, NASDAQ reportedly plans to introduce a cryptocurrency custody service by the end of Q2 2023.
The cryptocurrency custody service will be targeted toward institutional clients and provide a secure way for investors to hold digital assets. This move by NASDAQ is seen as a strategic expansion into cryptocurrency, given the growing demand for digital asset custody solutions.
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The cryptocurrency custody service is expected to offer features such as multi-signature wallets and insurance coverage to protect clients against theft or loss of their assets. NASDAQ is reportedly in talks with several cryptocurrency exchanges and market makers to integrate their services into the custody platform.
The decision to offer a cryptocurrency custody service comes after NASDAQ launched Bitcoin futures trading in late 2022. This move was seen as a significant step towards the mainstream adoption of cryptocurrencies, as it enabled institutional investors to gain exposure to the digital asset market in a regulated manner.
If NASDAQ successfully launches its cryptocurrency custody service by the end of Q2 2023, it will be one of the few major financial institutions to offer such a service. This move will likely attract institutional investors who have hesitated to invest in digital assets due to security concerns.
Overall, NASDAQ’s foray into the cryptocurrency custody space is a positive development for the industry. It will help institutional investors gain more confidence in the market and contribute to the broader adoption of cryptocurrencies.
