Nasdaq Launches Digital Assets Business To Provide Institutional Crypto Custody Service

On Tuesday, Nasdaq (NASDAQ: NDAQ), the United States’ second-largest stock market operator, announced the launch of ‘Nasdaq Digital Assets,’ a new business that will run the company’s digital asset ecosystem. 

The new unit aims to enable broader institutional participation by providing institutional-grade solutions that focus on enhanced custody, liquidity, and integrity. 

“Nasdaq Digital Assets builds upon the successful solutions we have introduced in recent years to serve the digital assets ecosystem, including marketplace technology for digital asset exchanges, crypto-native anti-financial crime offerings, and crypto-related index solutions for tradable products,” said Adena Friedman, President and Chief Executive Officer of Nasdaq.

For the unit’s first offering, it will initially develop an advanced crypto custody solution that will “incorporate liquidity and execution services to address industry challenges around connectivity, availability, and efficiency.” According to Nasdaq, the offering is still subject to regulatory approval in applicable jurisdictions.

The solution isn’t new or groundbreaking in the crypto space, but it is a very profitable market. Paris-based Legder was valued at $1.5 billion in June of last year. Anchorage Digital, which touts itself as the first federally chartered digital asset bank, had a valuation of $3 billion in December.

The new unit will be led by Ira Auerbach, Senior Vice President, Head of Digital Assets, overseeing the team’s strategic roadmap, growth targets, and product development. He joins Nasdaq from Gemini where he was most recently Global Head of Gemini Prime, the crypto platform’s prime brokerage services.

Information for this briefing was found via Nasdaq, Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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