Nasdaq reportedly prepares for crypto custody services for institutions

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The firm reportedly created a new group focusing on digital assets and onboarded Ira Auerbach, who previously worked at Gemini, to lead the unit.

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Nasdaq reportedly prepares for crypto custody services for institutions

As more institutions become interested in dabbling in cryptocurrencies, multinational financial services firm Nasdaq has reportedly started its preparations to offer digital asset custody services to institutional clients. 

The company has reportedly created a new group focusing on digital assets and will start with offering Bitcoin (BTC) and Ether (ETH) custody services for institutions. The firm also onboarded Ira Auerbach, who previously worked at the crypto exchange Gemini’s prime broker services, to be the head of its new digital assets division.

In a Bloomberg report, Auerbach expressed his belief that the next wave of the financial revolution will be driven by institutional adoption. According to the executive, there’s no better place than Nasdaq when it comes to bringing trust to the market.

In May, Nasdaq partnered with Brazilian firm XP to work on creating a digital asset exchange called XTAGE. Roland Chai, an executive at Nasdaq, said that their partnership with XP will bring new opportunities to investors and other companies. According to XP, the exchange is scheduled to launch in 2022.

Related: Fidelity will ‘shift’ retail customers into crypto soon — Galaxy CEO

In a recent interview with Cointelegraph, BitMEX CEO Alexander Höptner predicted that after the Ethereum Merge, where the network shifted to the proof-of-stake (PoS) consensus, institutions will be more open to investing in crypto as companies are concerned with efficiency and environmental development. “I’m absolutely sure that this will further push for institutional adoption and also mass market adoption,” he said.

In another Cointelegraph interview, Henrik Andersson, an executive at the fund manager Apollo Capital said that soon, institutions will also be taking a u-turn when it comes to their hands-off stance on crypto. The executive highlighted that there will be a time when people don’t want to miss out and that it will become a “career risk not to be invested.”

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