Nasdaq Inc. is looking to launch its crypto custody service in the second quarter of the year.
Bloomberg says the group is working towards putting technical infrastructure and regulatory approvals in place.
Nasdaq Inc is reportedly continuing with its plans to make room for itself in the crypto industry. It is worth noting that many traditional platforms are opening their doors to digital currencies and the broader crypto market.
Traditional institutions, for one, have noted time and time again that customers are often looking for crypto related investment options, as digital currencies present a wide variety of benefits.
Leading news agency platform Bloomberg reported that Nasdaq. Inc is set to launch its custody service for digital assets. The custody service, according to Bloomberg, is set to launch at the end of the second quarter of 2023.
This means that the market should expect the custody service to go live anywhere from the 1st of April, to the 30th of June, but most likely mid to late June.
The move notably comes at a time when the U.S. and the entire global banking industry is going through a visible crisis. Traditional institutions are attempting to bridge the gap between crypto and traditional banking customers.
Nasdaq is working around regulatory approvals ahead of the upcoming custody service launch
Ira Auerbach, the Senior Vice President and Head of Nasdaq Digital Assets has given more insight in a Paris interview. Nasdaq Inc. is currently focused on putting all the needed technical infrastructure in place, ahead of the launch of the service, Auerbach said.
Understandably, the group is also working towards making sure that regulatory approvals are well aligned. This is especially important, because the crypto industry is known to face a lot of pushback from regulatory bodies in the country.
Nasdaq has also reportedly reached out to the New York Department of Financial Services. The group put forward an application for a limited-purpose trust company charter. This is intended to oversee the custody service.
According to Auerbach, the project marks a significant milestone from Nasdaq. Inc. He notes that it is the exchange operator’s first integration into the crypto market. He further stated that the safeguarding of cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), is the first step toward creating a wide range of services for Nasdaq’s digital asset arm.
The crypto market received the news with joy. Market players are noting that the move is highly bullish for Bitcoin and the entire crypto market at large. Taking to Twitter, popular crypto proponent Anthony Pompliano, made some notable bullish comments about the new development. Pompliano tweeted.
At the same time that banks are being threatened for supporting bitcoin and crypto companies, Nasdaq just announced bitcoin custody will be available by Q2 this year. You can’t stop an idea whose time has come.
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