According to a Bloomberg report, Nasdaq (NDAQ) plans to debut cryptocurrency custody services by the end of the second quarter of 2023.
The exchange’s senior vice president and head of digital assets, Ira Auerbach, said that the company is working on obtaining the necessary infrastructure as well as regulatory approval.
Nasdaq has applied to the New York Department of Financial Services (NYDFS) for a limited purpose company statute that would oversee the custody service.
Recall that Nasdaq had announced its intentions last September as it sought to meet demand from institutional investors interested in the cryptocurrency industry.
Related: 1/3 of Institutional Investors Have Cryptocurrency Placements
They are trying to fill the gap
The new realities that have emerged, following the collapse of cryptocurrency exchange, FTX and the closure of cryptocurrency-friendly exchanges, Silvergate and Signature, traditional financial companies, such as Nasdaq, appear to be trying to fill the gap that has emerged as far as services from centralized management companies are concerned.
If the trend towards cryptocurrencies from companies like Nasdaq remains strong, it may prove to be a positive signal for mass adoption of cryptocurrencies.
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