Nasdaq Will Launch Crypto Asset Storage Service At The End Of June
JAKARTA - Nasdaq, America's second-largest stock exchange operator plans to launch a crypto asset storage service by the end of June. The company entered the crypto world after a series of failures such as the bankruptcy of FTX, one of the largest cryptocurrency exchanges. Nasdaq is working to get the necessary approval of the regulatory agency that allows it to provide the service.
According to Ira Auerbach, Senior Vice President and Head of Nasdaq Digital Assets, Nasdaq has submitted an application to the New York Treasury Department for a charter for trust firms with limited objectives, which will oversee the new crypto business. Nasdaq is the first entry into the crypto economy for companies running America's second-largest stock exchange.
The realization of this project began with storing leading cryptocurrencies, Bitcoin (BTC) and Ether (ETH), before expanding the various services offered by the group's digital asset division. Nasdaq plans to provide executions for financial institutions. This will join major financial companies such as BNY Mellon and Fidelity, which offers storage for cryptocurrencies, intermediate services, or traditional asset tokenizations to take advantage of the advantages of related technology.
The crypto winter caused by price falls affects digital asset-exposed banks, such as the collapse of the crypto-friendly Silvergate Bank and Silicon Valley Bank in the US. According to a Bitcoin.com News report, Nasdaq wants to expand its services to strengthen the group's digital asset offerings and strengthen the company's advantage in this fast-growing market.
In September, Nasdaq announced the initiative to enter the crypto market. The project is believed to increase the profits of companies that have become leading players in the stock market. Nasdaq will leverage the technology gained from this new crypto business and expand its product and service lines into the digital economy.
Nasdaq has a strong reputation and is respected in the world of finance and is considered the leader of the stock market. However, the failure of a number of cryptocurrency exchanges, including FTX, shows that Nasdaq's actions in entering this market are not easy. Companies must navigate complex and dynamic regulations and compete with large companies that have long been in the industry.
However, Nasdaq remains confident that this project can improve its position in the market and help strengthen its group's digital asset portfolio. Once again, Nasdaq will join major financial companies to expand its product and service lines into the digital economy and create a friendly and safe environment for investment.