Nasdaq Creating Department In Charge Of Digital Assets
Nasdaq Inc. is making its first foray into crypto by establishing a new department in charge of digital assets. Tal Cohen, the firms head of North American markets, was quoted in a recent report which is where the news initially came from.
The first milestone will be to provide institutional investors with custody services for Bitcoin (BTC) and Ethereum (ETH). Previously, instead of forming a crypto exchange to compete with Coinbase and other businesses, Nasdaq routinely provided the necessary technology to cryptocurrency market participants over the years.
As such, Nasdaq Digital Assets plans to develop an advanced custody solution which includes liquidity as well as execution services. With an added layer of protection and security, the overall focus shall reportedly be on the sectors availability, connectivity, and efficiency issues. It should be noted though that regulatory approval is required for the offering.
Cohen added that demand for digital assets among institutional investors has risen in recent years, and Nasdaq is well-equipped to accelerate mainstream adoption and become a key driving force behind sustainable growth.
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