The stock exchange operator wants to meet the demand of institutional crypto investors
Amid the turmoil, Ira Auerbach, the senior vice president and head of digital assets at Nasdaq confirmed that the stock exchange operator is getting ready to build the necessary infrastructure and seek the regulator’s approval to build the crypto custody services.
The stock operator has already applied to the New York Department of Financial Services (NYDFS) for a limited-purpose trust company charter which will look after its custody service.
The operator aims to meet the demand of institutional crypto investors looking for a legit platform to deposit and trade cryptocurrencies.
The end goal is to fill the gap created by Silicon Valley Bank (SVB) and Signature Bank which were shut down by regulators. Both of them including Silvergate Capital were crypto-friendly institutions allowing users to deposit and trade crypto assets.
The news is welcoming. However, the SEC crackdown on cryptocurrencies has eroded the marketcap of the industry with many altcoins buried under the ground and exchanges like Coinbase and Binance under the scanner of the DOJ.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.