“Nasdaq to Launch Crypto Custody Service”

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Nasdaq is planning to launch its crypto custody services by the end of the second quarter. The exchange made the announcement last year and said that traditional financial institutions like BNY Mellon and Fidelity are also offering crypto custody.

Nasdaq to Launch Crypto Custody Service

Nasdaq is set to join traditional financial institutions such as Fidelity and BNY Mellon in offering crypto custody. The new digital offering will be headed by Ira Auerbach, who joins the company from Gemini, which was caught in the crosshairs of the FTX collapse. Auerbach was the Global Head of Gemini Prime, which was the company’s prime brokerage service.

Cryptocurrencies are continuing to make waves in the financial world, with some traditional institutions doubling down on their crypto offerings. Fidelity’s recent launch of a retail cryptocurrency trading platform is a prime example of this.

Last year, Nasdaq said its vision for its digital assets business was driven by a desire to “advance and help facilitate broader institutional participation in digital assets” and “play a central role in combatting the rising threat of financial crime” in crypto. This is a clear indication that traditional institutions are taking cryptocurrencies seriously and are planning to be a part of this growing market.

Expanding its anti-financial crime technology into the digital assets space, Nasdaq announced on Wednesday its plans to bring a suite of “crypto-specific detection capabilities to effectively mitigate risks and provide continuous monitoring of anti-money laundering, fraud detection, and market abuse.” Nasdaq’s Verafin and Surveillance product offerings are expected to help improve institutional adoption of crypto, as crypto-based money laundering amounted to $8.6 billion in 2021.

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