NASDAQ wants to improve and expand its presence in the cryptoverse
- Crypto space has lost a total value of more than 2 trillion dollars
- Nasdaq has no plans to launch a digital currency exchange
- The price of bitcoin has fallen by over 70 percent
Cryptocurrency is getting more and more attention from Nasdaq Inc. So much so that they want to grow in the crypto industry by starting a group to research digital currencies and offer custody services. This means that it may soon be able to hold crypto assets for its many customers.
Nasdaq’s executive vice president, Tai Cohen, recently confirmed the company’s plans to offer crypto custody services.
Ira Auerbach, who most recently held the position of managing prime broker services at digital currency exchange Gemini, which is based in New York and operated by Cameron and Tyler
Winklevoss will be responsible for the new organization.
Nasdaq wants to offer crypto custody services
Auerbach elaborated in a statement that they believe the widespread adoption of institutions will drive the subsequent wave of revolution. Nasdaq is the best place to establish that trust and brand in the market, in my opinion.
The move demonstrates the continued strength of cryptocurrency. The digital currency industry has suffered like never before throughout the year. For example, the price of bitcoin has fallen by more than 70% since it hit a record high of $68,000 per unit last November.
Bitcoin is struggling to just hold on to a position in the low $19,000 range at the time of writing. It is an ugly and sad sight. Additionally, the cryptocurrency industry has lost more than $2 trillion in total value.
This is bad considering that earlier this year the industry had hit a new record in that department and was valued at more than $3 trillion.
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No exchange yet, but maybe in the future
However, the fact that the sector continues to be seen as a mainstream investment arena with many strengths and advantages despite falling prices is a positive aspect of this news.
Although Nasdaq currently has no plans to launch a digital currency exchange, he added that this could always change in the future. As a result, he advised traders to keep an eye on any upcoming announcements.
This information comes in response to the headline that said Wall Street is planning to establish its own cryptocurrency exchange that will incorporate conventional financial protocols.
Nasdaq’s first venture into a digital currency depository would be this one. The move will enable the business to not only hold crypto assets for traders, but also to implement strategies to protect these assets from fraud and theft.
Nasdaq will likely face intense competition from Coinbase, Anchorage Labs and Bit Go as a result of entering this new market.
