Nasdaq Suspends Plans For Digital-Asset Custodian Business Launch In The US
Key Points:
- Nasdaq has halted the launch of its digital-asset custodian business in the US due to regulatory uncertainty surrounding cryptocurrencies.
- The exchange operator will continue to work on building its technological capability to handle cryptocurrency and supporting the digital asset ecosystem in other ways.
- The suspension of Nasdaq’s digital-asset custodian business launch highlights the challenges faced by institutional players seeking to enter the digital assets market.
Nasdaq suspends launch of digital-asset custodian business in the US due to regulatory uncertainty. Despite this, the firm remains committed to supporting the digital asset ecosystem.
Nasdaq has announced that it is suspending the launch of its digital-asset custodian business in the US due to changes in the business and regulatory environment. The exchange operator is also halting its efforts to obtain a license related to the business, but will continue to work on building out its technological capability to handle cryptocurrency.
On the second-quarter earnings call on Wednesday, Adena Friedman, the CEO of Nasdaq, stated that the exchange remains committed to supporting the evolution of the digital asset ecosystem in various ways, including partnerships with potential ETF issuers.
In September of last year, Nasdaq announced plans to offer custody services for Bitcoin and Ether for institutional investors, with plans to obtain approval from the New York Department of Financial Services. This move was seen as a sign that Wall Street institutions are deepening engagement in the digital assets space. The firm had planned to launch the service by the end of the second quarter but has now halted these efforts.
Nasdaq also recently partnered with BlackRock Inc. to apply for an exchange-traded fund that invests directly in Bitcoin. The halt in the launch of the digital-asset custodian business may be due to regulatory uncertainty around cryptocurrencies and a lack of clarity on the role of custodians in the space. Despite this suspension, Nasdaq remains committed to supporting the digital asset ecosystem and may explore other avenues to do so in the future.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Nasdaq Suspends Plans For Digital-Asset Custodian Business Launch In The US
Key Points:
- Nasdaq has halted the launch of its digital-asset custodian business in the US due to regulatory uncertainty surrounding cryptocurrencies.
- The exchange operator will continue to work on building its technological capability to handle cryptocurrency and supporting the digital asset ecosystem in other ways.
- The suspension of Nasdaq’s digital-asset custodian business launch highlights the challenges faced by institutional players seeking to enter the digital assets market.
Nasdaq suspends launch of digital-asset custodian business in the US due to regulatory uncertainty. Despite this, the firm remains committed to supporting the digital asset ecosystem.
Nasdaq has announced that it is suspending the launch of its digital-asset custodian business in the US due to changes in the business and regulatory environment. The exchange operator is also halting its efforts to obtain a license related to the business, but will continue to work on building out its technological capability to handle cryptocurrency.
On the second-quarter earnings call on Wednesday, Adena Friedman, the CEO of Nasdaq, stated that the exchange remains committed to supporting the evolution of the digital asset ecosystem in various ways, including partnerships with potential ETF issuers.
In September of last year, Nasdaq announced plans to offer custody services for Bitcoin and Ether for institutional investors, with plans to obtain approval from the New York Department of Financial Services. This move was seen as a sign that Wall Street institutions are deepening engagement in the digital assets space. The firm had planned to launch the service by the end of the second quarter but has now halted these efforts.
Nasdaq also recently partnered with BlackRock Inc. to apply for an exchange-traded fund that invests directly in Bitcoin. The halt in the launch of the digital-asset custodian business may be due to regulatory uncertainty around cryptocurrencies and a lack of clarity on the role of custodians in the space. Despite this suspension, Nasdaq remains committed to supporting the digital asset ecosystem and may explore other avenues to do so in the future.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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