Nasdaq Working on Crypto Custody Service for Q2 2023
Nasdaq, the American stock exchange, is reportedly working to launch a crypto custody service for digital assets by the end of Q2 2023. This news was first reported by Bloomberg, which cited unnamed sources familiar with the matter.
Nasdaq is working on Crypto Custody Service for Q2 2023
Sources say that Nasdaq aims to target institutional clients with its new custody service, which will offer a secure method of storing their digital assets. The service will reportedly use a combination of hardware security modules and multi-signature technology to protect clients’ assets from theft and hacking. It will also offer insurance coverage for any losses or theft of assets.
The move by Nasdaq into the digital asset space is not surprising, given the growing popularity of cryptocurrencies and other digital assets among institutional investors. Nasdaq already launched a Bitcoin futures contract in 2022 and has been working with a number of crypto startups in recent years.
If Nasdaq successfully launches the custody service as planned, it could further expand its presence in the cryptocurrency market. However, there are still some potential hurdles to overcome, such as regulatory approval and security concerns. Whether Nasdaq can meet its Q2 2023 target for launching the service is still uncertain
Despite these challenges, the launch of a cryptocurrency custody service by Nasdaq could be seen as a positive development for the wider cryptocurrency industry. It would provide institutional investors with a more secure and regulated way to store their digital assets, which could help to boost confidence in the market as a whole.
