- Nasdaq is planning to launch crypto custody services for BTC and ETH initially.
- The stock exchange is not planning to launch its own crypto exchange anytime soon.
- However, Nasdaq expressed its willingness to partner with crypto firms.
Nasdaq revealed that it is planning to launch crypto custody services for Bitcoin (BTC) and Ethereum (ETH). In fact, the stock exchange juggernaut has hired one former executive from US-based crypto exchange Gemini in preparation for the said task.
According to an article by Bloomberg, Nasdaq has already onboarded Ira Auerbach, who was the Global Head of Gemini Prime. Now, Auerbach is Nasdaq’s Senior Vice President and Head of Digital Assets.
The crypto custody services will not be available for just anyone, however, since Tal Cohen, Nasdaq’s Executive Vice President and Head of North America, said that they will be offering the services to institutional investors. This is in contrast to regular crypto exchanges that offer their services to just about anyone.
When asked whether Nasdaq will launch its own crypto exchange, the company said that it has no plans at the moment. However, Nasdaq expressed its openness to the idea of partnering with crypto firms. Additionally, the stock exchange even said it is willing to join mergers and acquisitions (M&As) in the future.
At the moment, the news appears to have minimal effects on the crypto market, as BTC is still trading at $19,211.25, according to CoinGecko. Meanwhile, ETH is changing hands at $1,356.86, which translates to a 24-hour gain of 3.4%. As a whole, the greater crypto market’s capitalization is less than $1 trillion.
