Nasdaq to Launch a Crypto Custody Service

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Ira Auerbach, Senior Vice President and Head of Nasdaq Digital Assets, has stated that Nasdaq will launch a cryptocurrency custody platform geared towards institutional investors by the end of the second quarter.

The platform will initially focus on the storage of Bitcoin and Ethereum. Auerbach has stated that this is the first step in advancing digital assets; in the future, the execution of transactions will be added.

Currently, Nasdaq is focusing on building technical infrastructure and getting regulatory licenses.

Last September, news of Nasdaq’s formation of a team to construct a system for cryptocurrency storage was reported, and the platform has since applied to the New York Department of Financial Services for a license.

Furthermore, BNY Mellon recently obtained approval from the regulator to establish a crypto-custodial service.