Nasdaq Puts Crypto Custodian Business on Hold Until Further Notice

Nasdaq Puts Crypto Custodian Business on Hold Until Further Notice

Time Stamp: July 19, 2023 10:08 AM
Source Node: 2176842
7 hours ago 2 mins read category : News
  1. Nasdaq is putting its crypto custodian business on hold until further notice.
  2. The delay is due to business and regulatory pressure and concerns, as per Bloomberg.
  3. Earlier, Nasdaq partnered with BlackRock for a spot Bitcoin ETF.

Nasdaq has announced the suspension of its digital-asset custodian business launch in the United States. According to an article by Bloomberg, this decision comes as a response to a shifting business and regulatory landscape. 

Nasdaq had previously expressed its intention to obtain a license associated with the venture, but those efforts will also be put on hold. However, the company remains steadfast in enhancing its technological capabilities to accommodate cryptocurrencies.

Adena Friedman, Nasdaq’s CEO, emphasized the organization’s commitment to supporting the digital asset ecosystem through various means, including partnerships with potential exchange-traded fund (ETF) issuers. This affirmation was made during the second-quarter earnings call on Wednesday.

In September of last year, Nasdaq revealed its plans to offer custody services for Bitcoin and Ether, specifically targeting institutional investors. To proceed, Nasdaq aimed to secure approval from the New York Department of Financial Services. This initiative was perceived as a significant indication of Wall Street’s increasing involvement in the digital asset space. Initially, the service was scheduled for launch by the end of the second quarter.

In its most recent development, Nasdaq joined forces with BlackRock Inc. to seek approval for an exchange-traded fund that directly invests in Bitcoin.

While the digital-asset custodian business launch has been paused, Nasdaq remains dedicated to actively participating in the evolution of the digital asset sector, leveraging strategic partnerships and technological advancements.

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