Nasdaq Exchange Will Introduce Institutional Crypto Custody Solution by CoinEdition
© Reuters. Nasdaq Exchange Will Offer Institutional Crypto Custody Solutions
- The Nasdaq stock exchange platform wants to launch a crypto custody service for institutions.
- The exchange’s institutional offering is currently pending regulatory approval.
- The main objective behind this move is to compete directly with the likes of Coinbase (NASDAQ: ), BitGo and Gemini.
An article posted yesterday on the Nasdaq website explained that the US stock exchange, Nasdaq, has begun exploring institutional custody services for (BTC) and other cryptocurrencies. However, Nasdaq’s new institutional custody offering is currently pending regulatory approval.
According to the article, this latest move by the exchange will mark a new chapter for the company, which has so far chosen not to compete in the markets of the likes of Coinbase, BitGo and Gemini. Nevertheless, the exchange is serving these major crypto market players with offerings including trading and market monitoring technologies.
The Nasdaq exchange’s decision to compete directly with the likes of Coinbase, BitGo and Gemini is not the Nasdaq exchange’s first foray into the crypto space. Nasdaq also launched a digital asset course for financial advisors in 2021 in partnership with an asset manager known as Hashdex.
An announcement made for the course stated that the main objective behind the course was to provide informational and educational resources for financial advisors on “the evolution of the digital asset ecosystem, investment considerations, regulation, taxes, and more”.
In related news, Nasdaq has also partnered with XP (NASDAQ: ), Brazil’s largest brokerage firm, to launch a bitcoin and crypto exchange in the country.
At the time of writing, the global crypto market cap is sitting at approximately $920.02 billion after a decrease of 2.18% in the last 24 hours, as suggested by crypto market tracking website CoinMarketCap.
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