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The exchange is set to enter the crowded market of institutional bitcoin custody as it aims to become a service provider in the cryptocurrency space. The exchange has been service provider in the market for some time, but the new move makes a fresh foray into the sector.
The Nasdaq’s new service would bring the company into direct competition with well-established firms such as coinbase. The Nasdaq U.S stock exchange is eyeing a push into institutional custody services for bitcoin and cryptocurrency.
The move would mark a new chapter for the company that has so chosen to not compete in a market currently dominated by the likes of coinbase, BitGo, and Gemini. Instead, the exchange has serviced these institutions with offerings such as its trading and market surveillance technologies.
In 2021, the exchange launched a digital assets curriculum for financial advisers in a partnership with asset manager Hasdex. The course sought to “provide informative advisers on the evolution of the digital asset ecosystem, investing consideration, regulation, taxes and more, “the announcement said.
Recently, the NASDAQ partnered with Brazil’s largest brokerage firm, XP for the launch f a bitcoin and cryptocurrency exchange in South America.
Nasdaq’s new institutional custody offering is pending regulatory approval, a source with knowledge of the plans said.