Ira Auerbach News

The global securities marketplace known as Nasdaq is planning to join the cryptocurrency business by the end of the second quarter of 2022 when it will provide its custody services for digital assets. Ira Auerbach, Senior Vice President of the exchange operator, is in charge of the digital assets division, which has submitted an application to the New York Department of Financial Services for a limited-purpose trust company charter. This charter would allow the department to monitor the new business.

New York’s Nasdaq Stock Exchange is planning to launch a crypto custody service by the end of the second quarter, Bloomberg reported on 24 March.

Nasdaq aims to launch its much-anticipated crypto custody service by the end of the second quarter to meet the increasing institutional interest and demand for crypto services. 

Nasdaq Inc. (NDAQ) is getting close to launching its crypto custody business in the second quarter of the year, Bloomberg reported Friday.

Global securities marketplace Nasdaq Inc. is gearing up to launch its custody services for digital assets by the end of the second quarter of this year, according to Bloomberg.

Nasdaq plans to wait for further clarity in terms of crypto adoption globally, the company's executive vice president and head of North American markets said.

Nasdaq Inc is placing a big bet on the cryptocurrency market, with the launch of a digital assets business that is aimed at tapping institutional investors. The new unit, Nasdaq Digital Assets, will offer custody services for cryptocurrencies, including bitcoin and ethereum, potentially pitting it against firms such as Coinbase, Fidelity Digital Assets and Winkelvoss twin-owned Gemini that offer similar products. Nasdaq has hired Ira Auerbach, a Gemini executive, to lead the new unit. The stock exchange has also expanded its anti-financial crime technology to detect and curb money laundering, fraud and market abuse risks, it said in a statement on Tuesday, as the market is constantly on the regulator's radar. The crypto market is reeling from a major rout, forcing some of its biggest players to lay off thousands of employees in a bid to cut costs. Bitcoin has crashed nearly 60% this year, driving companies such as Celsius Network and Voyager

Nasdaq has launched a new dedicated digital assets unit to cater to institutional investors. The move by the second-largest stock exchange by market capitalization globally could mark a ballistic price recovery point for the struggling cryptocurrency market. 

On September 20, Nasdaq (NDAQ) announced the launch of “Nasdaq Digital Assets,” a new business that will provide a cryptocurrency custody service to institutional investors.

As more institutions become interested in dabbling in cryptocurrencies, multinational financial services firm Nasdaq has reportedly started its preparations to offer digital asset custody services to institutional clients.