Nasdaq to Lure Institutions With New Crypto Custody Service

Nasdaq Inc. is a giant American company that is, among other things, the operator of one of the largest and best-known stock exchanges in the world, the NASDAQ. It turns out that Nasdaq is planning to enter the world of crypto with both feet. They reportedly want to get their own crypto custodian service for major institutional parties off the ground, which reports Bloomberg

Nasdaq and crypto adoption

Previously, Nasdaq did not completely ignore the crypto industry. It has been working with crypto companies such as for some time now Coinbase and FTX to provide certain technologies. In addition, it has also launched a Nasdaq Crypto Index ETF on its own exchange.

However, that was it until recently. Now Nasdaq seems to really want to become an active part of the crypto market. Because it wants crypto custody servicesor custody services for cryptocurrenciesto offer to customers.

The plan is currently awaiting approval from the financial authorities. Should Nasdaq’s plan get the green light, we will also see a new branch of Nasdaq that will focus entirely on the crypto industry: Nasdaq Digital Assets.

The new service will most likely not be for everyone. Nasdaq mainly focuses on large financial institutions such as investment funds and asset managers with their crypto custody service.

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Mass adoption on the way?

For a long time we have seen that the greatest players within the financial world are slowly starting to embrace the crypto industry. This may not always be immediately apparent to the average private investor, but the effects of this institutional adoption can be huge.

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The institutions are the parties with the big money. They can achieve a huge boost, for example by actively participating in the crypto market. The more companies like Nasdaq get involved, the greater the tendency for other companies to do the same. Who knows, may eventually lead to mass adoption. In that scenario, the craziest things for the crypto market are possible.

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