Nasdaq’s announcement to launch cryptocurrency storage services is a significant move in the crypto industry.
By offering digital asset custody services, Nasdaq is expanding its services beyond traditional stock trading, and tapping into the growing demand for secure storage solutions for digital assets.
The fact that Nasdaq is seeking regulatory approval to form an independent regulated trust company to serve the new business is a positive sign for the legitimacy of the crypto industry.
Regulatory oversight is crucial for protecting investors and ensuring the safety and security of digital assets.
The initial launch of the platform with services for storing bitcoin and ether to private users is a smart move, as these are the two largest cryptocurrencies by market capitalization.
By gradually expanding the list of digital assets available for storage and offering services to corporate clients, Nasdaq can ensure that it is meeting the evolving needs of the market.
The competition in the digital asset custody market is fierce, with companies such as BitGo, Coinbase, BNY Mellon, and State Street already offering similar services.
However, Nasdaq’s reputation and experience as a trusted stock exchange operator could give it an edge in attracting customers looking for a reputable and secure storage solution for their digital assets.
Overall, Nasdaq’s entry into the digital asset custody market is a positive development for the crypto industry and could help to further legitimize digital assets as an asset class.