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Nasdaq market launches its cryptocurrency custody service

nasdaq-is-preparing-to-launch-an-institutional-crypto-custody-service

According to knowledgeable sources, the Nasdaq stock market is planning to launch a digital currency custody service for organizations. This decision has been taken since, considering the amount of cryptocurrency in the coffers of large companies, the custody and maintenance of digital currencies in the space of cryptocurrencies has become a profitable business.

According to Mihan Blockchain and quoted by DeBlock, the American Nasdaq market is no stranger to the digital currency market. In fact, this market has been operating since 2018 as a technology provider for monitoring cryptocurrency trading platforms. In February 2021, the managers of this market decided to launch an exchange-traded fund for digital currencies (ETF) called Hashdex on Nasdaq.

According to knowledgeable sources, Nasdaq’s decision is awaiting the approval of lawmakers. This market is also looking to create a new division focused on digital currencies called Nasdaq Digital Assets and will operate in the field of custodianship of cryptocurrencies.

Considering the amount of cryptocurrency in the coffers of large companies, the custody and maintenance of digital currencies in the space of cryptocurrencies has become a profitable business, and companies active in this field have earned good profits in these years. For example, the value of Ledger Company reached 1.5 billion dollars in June 2021 (June 1400). The value of Anchorage company also reached 3 billion dollars in December of the same year after securing 350 million dollars of capital.

In the past years, the Nasdaq market has preferred to be a platform to provide cryptocurrency technology to cryptocurrency market enthusiasts instead of directly competing with companies such as Coinbase and FTX.

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