The NASDAQ exchange group is preparing to roll out a custody service designed for cryptocurrency storage. A target launch window for the second quarter of 2023 has been announced by Bloomberg, signaling NASDAQ’s push into crypto asset custody as part of its broader digital assets strategy.
NASDAQ is actively building the technical backbone and seeking the necessary regulatory clearances to support crypto custody for holders. Ira Auerbach, head of NASDAQ Digital Assets, described the current phase as foundational work aimed at delivering secure, scalable infrastructure that meets stringent compliance standards for digital assets.
Reports indicate that NASDAQ has submitted an application with the New York State Department of Financial Services (NYDFS) to prepare the documentation required for the proposed crypto custody business. This move marks NASDAQ’s first substantial foray into the cryptocurrency market, aligning with its ambition to provide regulated, institutionally focused crypto services alongside its traditional exchange operations.
Custody services involve safeguarding valuable assets, including traditional instruments such as stocks, bonds, cash, and precious metals, as well as digital currencies. The offering is expected to emphasize security, regulatory compliance, and professional-grade risk management to appeal to institutional investors seeking a trusted repository for digital assets.
In related market news, on March 15, NASDAQ announced that HeadHunter and Qiwi would face delisting actions affecting their listed securities. The delisting is set to proceed on March 24, according to statements from the exchange. Both Qiwi and HeadHunter have indicated plans to appeal the decision, underscoring the ongoing regulatory and governance complexities that can accompany exchange actions and cryptocurrency-related initiatives alike.