While Wall Street Burns, NASDAQ Is Preparing a Huge Blow in Cryptocurrencies
Nasdaq better than Celsius? – The Nasdaq is about to pass a historic milestone and join the crypto adventure a little more. The company is in talks with the relevant authorities to launch its own cryptocurrency management fund. The second largest market in the United States by volume (behind the New York Stock Exchange) already had a foothold in the sector and intends to move up a gear.
As with cryptos, appetite comes with eating
the powerful Nasdaq group who also runs the Boston and Philadelphia stock exchanges is no stranger to the crypto market. It already offers market surveillance services and solutions specialized for this new asset class.
According to sources interviewed by The Block, the Nasdaq would like to launch its own crypto-asset management platform on behalf of institutional investors. This would constitute the arrival of a new major player on the market, which would join PwC, Gemini, Fidelity and many others.
Nasdaq has already created a division specially geared towards this new activity, Nasdaq Digital Assets. The US stock market is currently awaiting the green light from the regulator, again according to the same sources.
The arrival of institutional investors was part of the narratives that helped bring Bitcoin, Ethereum and the others to the heights during the last cycle. They continue to invest and the sphere of traditional finance is more and more confused with the crypto universe. A KPMG report dating from 2020 took stock of the opportunities related to the “ crypto custody » and cryptocurrency management services.
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