Nasdaq is a well-known firm in matters of selling and buying stocks. They are developing a platform that will be unveiled sometime in July of 2023, and the network will safeguard digital currencies. Numerous firms in the virtual money industry have collapsed, and therefore old financial institutions such as Nasdaq are coming up with ways to help people protect their digital currency.
Nasdaq Identifies Potential in Crypto Following Series of Insolvencies
Nasdaq, a renowned stock exchange firm, is developing a new service for protecting people’s crypto assets. Ethereum and Bitcoin are examples of crypto assets that exist in the virtual world. The new service by Nasdaq will be available to people by the end of July 2023. Big enterprises like Fidelity and BNY are presently offering this package for digital monies.
Ira Auerbach, a senior at Nasdaq, reported that they are ensuring that all the tools and equipment needed to make the service operations are in place. They ensure they meet the legal requirements and that their computer systems are in order. In addition, they have applied for a limited-purpose license from NYDFS.
All these efforts are meant to protect investors’ digital possessions. Some firms involved in cryptocurrency transactions have recently undergone challenging moments, and some even collapsed. Genesis, FTX, and Celsius Network are some companies that went bankrupt and had to close down.
These firms were big brands in the cryptocurrency industry, and therefore their closure was a blow to many people. Again this month, Signature Bank and Sivergate Capital, involved in digital assets, closed. That brought about worries as to whether the crypto industry is trustworthy. To fill this gap, Nasdaq has resolved to get into this industry and help people safeguard their crypto investments.
Nasdaq’s New Crypto Custody Service Will Focus On Ether And Bitcoin
Nasdaq has been showing interest in digital currency solutions. For example, at one time, it partnered with Hashdex, an asset management company, to develop a digital assets syllabus for financial consultants. The program’s main objective was to educate financial counselors so that they could advise well on investment matters of digital assets.
Additionally, Nasdaq has lately collaborated with XP, one of the top dealers in Brazil, to inaugurate a digital currency exchange in the country. The business will enable the buying and selling of cryptos, and Nasdaq plans to increase the digital coins and stock products to the digital securities market in the coming years.
Generally, Nasdaq’s decision to move into the crypto industry will be profitable to investors and the whole industry. Moreover, since Nasdaq is a trusted and reputable institution, it might assist in licensing digital coins as a treasured asset investment opportunity.