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 far 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 advisors in partnership with asset manager Hashdex. The course sought to "provide informative and educational resources for financial advisors on the evolution of the digital asset ecosystem, investing considerations, regulation, taxes, and more," its announcement said. More recently, the Nasdaq partnered with Brazil's largest brokerage firm, XP, for the launch of a bitcoin and cryptocurrency exchange in the South American country.
Nasdaq entered the market when there was a downturn in the crypto industry. Bitcoin is trading below $19,000 apiece compared to its all-time peak of $68,000 while the prices of Ethereum failed to drag upward despite its much-anticipated Merge event, which is its change from proof-of-work to proof-of-stake.
The stock market operator already provides marketplace technology for digital asset exchanges, crypto-native anti-financial crime offerings, and crypto-related index solutions for tradable products.
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