Stock market exchange operator Nasdaq wants to offer crypto custody services and is already making plans to launch the service by the end of the second quarter. For now, the ball has been set rolling in terms of the essential technical infrastructure and regulatory authorization required.
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The financial service firm has sent its application for a limited-purpose trust company charter that would govern its custody service to the New York Department of Financial Services (NYDFS). Ira Auerbach, the Senior Vice President and Head of digital assets at Nasdaq confirmed that the company has begun to make efforts to put the necessary infrastructures in place and receive regulatory approvals.
When the new crypto offering of the global exchange giant finally kicks off, it will be run by Auerbach.
Before joining Nasdaq, Iran Auerbach used to work for the Winklevoss brothers’ Gemini Exchange. During his time at the crypto exchange which suffered several misfortunes in partial connection to now bankrupt FTX, the Nasdaq VP served as the Global Head of Gemini Prime, the company’s former broker services.
Nasdaq Introduced Digital Asset Department
Nasdaq’s foray into the crypto custody business is coming barely six months after the company launched institutional investors-related digital assets services.
Nasdaq Digital Assets, as it is referred to, is an avenue for institutional investors to explore the nascent industry. Auerbach was appointed as the head of the new department at the time and Tal Cohen as its executive vice president.
It was at the time of the Nasdaq Digital Assets’ launch that the company first indicated an interest in crypto custody services. Currently, Nasdaq is stepping in to take the role of crypto intermediaries at a time when financial institutions like Silvergate Bank, Signature Bank, and Silicon Valley Bank that were exposed to crypto firms have been clamped down in the United States.
At the same time, Nasdaq is trying to create a bridge over the gap left after the implosion and bankruptcy filings of several crypto firms last year. Nasdaq is joining the likes of BNY Mellon and Fidelity which have dived into crypto custody.
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