Allegedly, Nasdaq is considering launching a crypto custody service for institutions.
The service of Nasdaq, one of the top 3 most followed stock exchanges in the USA, will not be about facilitating the trading of cryptocurrencies. Nasdaq’s service will be for corporates.
Nasdaq Will Start Providing Cryptocurrency Service
Stock exchange operator Nasdaq is allegedly planning to provide crypto custody services to institutions.
The firm, which operates markets in the US and global equities, is not far from cryptocurrencies as it has been serving as a market surveillance technology provider to cryptocurrency exchanges since at least 2018.
Instead of competing with companies like Nasdaq, Coinbase and FTX, it chose to provide technology to cryptocurrency market participants.
Nasdaq is also establishing a new crypto-focused division with cryptocurrency surveillance research Nasdaq Digital Assets.
Custody is a lucrative but crowded market in the crypto space, and institutional custodians can see valuations of billions of dollars. As an example, crypto wallet and custody company Ledger achieved a valuation of $1.5 billion in June 2021, while Anchorage closed a $350 million funding round in December 2021 with a valuation of $3 billion.
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