Nasdaq Takes Crypto Wager With Custody Provider for Institutions

Nasdaq Takes Crypto Wager With Custody Provider for Institutions

Nasdaq’s fresh digital resources team will before every thing provide custody products and providers for the cease two cryptocurrencies to institutional traders.

Key Takeaways

  • Nasdaq is launching a crypto custody arm.
  • Nasdaq Digital Resources is hoping to take back of the institutional market’s rising budge for food for digital resources.
  • Institutional curiosity in crypto has grown for the reason that residence boomed in 2021.

The inventory replace is launching the provider to take back of the rising curiosity in crypto among institutional traders. 

Nasdaq Enters Crypto Custody Arena

Nasdaq is launching a crypto custody provider for institutional traders. 

The enviornment’s second-greatest inventory replace is inserting a chance on digital asset mumble in hopes of making primarily the most of rising curiosity in the residence across the institutional market. Bloomberg first reported on the news Tuesday afternoon. 

In accordance to the Bloomberg document, Nasdaq Digital Resources will before every thing open with custody products and providers for Bitcoin and Ethereum. The fresh arm will be led by Gemini alumnus Ira Auerbach and the firm has plans to enlarge the team to 40 of us by the terminate of 2022. 

Nasdaq has already filed an utility to offer digital asset custody products and providers with the Recent York Department of Monetary Products and providers, currently pending approval. Can maintain to NYDFS rep the utility, Nasdaq will depend crypto-native companies like Coinbase and Anchorage Digital as rivals. It’s going to also face competitors from BNY Mellon and Negate Side road, two giants of the ragged finance world that maintain positioned an identical bets on crypto for the reason that technology saw a enhance in 2021. 

Although the crypto market has had a rough 2021—with Bitcoin, Ethereum, and most other fundamental resources procuring and selling over 70% down from remaining yr’s highs—Wall Side road has increasingly more taken an curiosity available in the market citing rising search knowledge from for Bitcoin and other crypto resources in the institutional market. Blackrock, the field’s largest asset manager, partnered with Coinbase and launched a Bitcoin have faith fund remaining month to wait on its affluent possibilities procure entry to crypto. 

Crypto Attracting Institutions 

Whereas crypto prices skyrocketed in 2021, plenty of the market exercise that helped resources like Solana and Dogecoin flee came from retail participants in must always institutions. To procure exposure to the crypto market, institutions usually must invest in regulated merchandise. Equally, they must whisk via custody products and providers over storing non-public keys or maintaining coins on exchanges, which has created a market opportunity for corporations like Nasdaq.

Correct via crypto’s 2017 bull budge, “the institutions are coming” turned into a favored meme in the crypto residence as early adopters positioned their hopes on the technology attracting substantial avid gamers finally. Final yr’s traits modified the account because it turned into drag that fundamental funds and companies had been paying terminate consideration to Bitcoin and the broader crypto residence. Nasdaq’s fresh digital resources arm is further proof that the institutions are no longer coming—they’ve already arrived.

Disclosure: At the time of writing, the creator of this piece owned ETH and numerous other cryptocurrencies. 

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