Nasdaq to Launch Crypto Custody Services by End of Q2: Report

Nasdaq is reportedly gearing up to launch its first major venture into the crypto industry -- a crypto custody service. According to a report by Bloomberg, the new service is slated to be launched by the end of the second quarter of 2021. This news comes after the exchange operator’s recent efforts to expand its services related to cryptocurrencies and to become a more active player in the crypto markets.

Why Does This Matter?

Crypto custody services play an important role in the growth of the crypto industry. By providing a secure and reliable way for investors to store their digital assets, these services enable more participation in the markets and, in turn, help foster the mainstream adoption of cryptocurrencies. Currently, many institutional investors avoid getting involved in crypto due to a lack of suitable storage solutions. This is why the launch of Nasdaq’s crypto custody services could create a much-needed boost for the industry.

What Does This Mean for Crypto?

The news of Nasdaq’s planned crypto custody service has been welcomed by many in the crypto community. After all, Nasdaq is one of the largest and most respected exchanges in the world, and many believe that its entry into the crypto space will add a lot of legitimacy to the industry. Even though the service is still a few months away, its announcement is seen as a major step towards the wider adoption of cryptocurrencies.

Conclusion

Nasdaq’s planned crypto custody service is sure to have an impact on the industry. By providing a safe and secure storage solution for institutional investors, it could open the door for even more participation in the crypto markets. While the full effects of the service may not be seen for a few months, its announcement is still a sign that the crypto industry is continuing to grow and mature.

Categories : Cryptocurrencies