With all the nonsense coming out of DC about banning Bitcoin and all that, bla bla bla. Listen not to the gray haired old men who think technology is a flip phone. Bitcoin is here to stay, and it’s making waves in the financial world. And now, with Nasdaq Inc. jumping on board, things are about to get even more exciting.
That’s right, Nasdaq, one of the biggest financial institutions in the world, is gearing up to offer crypto custody services by the end of Q2 2023. Yes, I know it’s crypto, but it’s still a positive for Bitcoin.
Senior Vice President and Nasdaq Head of Digital Assets, Ira Auerbach, spilled the beans during a recent interview at the Blockchain Week Summit in Paris. And let me tell you, this is huge news.
Nasdaq Getting into Bitcoin is Huge!
Nasdaq is currently working on getting all the necessary infrastructure and regulatory approvals in place, including seeking permission from the New York Department of Financial Services to establish a limited-purpose trust company to oversee their new venture into the space. With a total valuation of $25.95 billion, Nasdaq is not messing around.
Now, this isn’t Nasdaq’s first foray into the space. They’ve been keeping an eye on the market for a while now, and even partnered with Brazil’s biggest broker XP to launch the cryptocurrency exchange, XTAGE. But with the launch of their crypto custody service, Nasdaq is taking a major step towards becoming a major player in the digital asset space.
Unfortunately, it’s not just about Bitcoin. Auerbach stated during his interview that they plan to expand their offerings to include other cryptocurrencies and digital assets. Give them time, but at least it gives traders more options.
Nasdaq Custody A Necessity for Institutional Investors
And here’s the really exciting part: Nasdaq’s entry into the crypto custody space could be a game-changer for the industry. With recent bankruptcies and shutdowns of crypto-friendly banks, investors and businesses are in desperate need of a safe haven for their assets.
Yeah, I know they should self-custody, but if the big money is to enter the space, they cannot self-custody so we need big institutional options from the likes of Nasdaq.
If Nasdaq can provide efficient and secure custody services, they could become a go-to destination for traditional finance players looking to get in on the crypto action.
So, buckle up, folks. times are getting ever more interesting, and Nasdaq is poised to be at the forefront of this exciting new chapter.