The second-largest stock exchange in the world is reportedly going to offer crypto custody services to institutional investors.
The report says Nasdaq has hired Ira Auerbach, a former executive of crypto exchange Gemini, as head of the new Nasdaq Digital Assets unit.
As stated by Auerbach,
“We believe this next wave of the revolution is going to be driven by mass institutional adoption. I can think of no better place to bring that trust and brand to the market than Nasdaq.”
This move would put Nasdaq in direct competition with prominent crypto firms, such as leading US-based digital assets exchange Coinbase.
Tai Cohen, Nasdaq’s executive vice president and head of North American markets, says that the company has plans to expand the crypto-related services they offer.
“Custody is foundational. Off the back of custody, we can start to develop other solutions, offer execution services, liquidity services, and think about how we support new markets.”
Cohen notes that Nasdaq has no immediate plans to start up a crypto exchange, according to the report, though the idea has not been ruled out.
Cohen goes on to say that Nasdaq will embrace crypto regulations as that’s something institutional investors would like to see.
“We know how to operate under regulatory regimes, and we continue to innovate under the rules of the road. Embracing regulation as it comes is something we do. And institutions want us to operate under that framework.”
Nasdaq’s custody services are currently pending approval from the New York Department of Financial Services.
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