According to the executive vice president of North American markets, Nasdaq will wait until there is more clarity on crypto adoption worldwide.
Tal Cohen stated that the second-largest stock market in the world is still waiting for more regulatory clarity and institutional adoption regarding crypto exchanges, before it plans to launch its own platform.
Cohen said that those are conversations he is happy to have on Tuesday, according to Bloomberg TV.
“But, right now, the retail market is fairly saturated,” he said. “There are many exchanges that service the retail customer base.”
Instead, Nasdaq will continue to be focused on its crypto custody service. Cohen claimed that these services are fundamental for clients, citing the “massive” demand.
He stated that “if you can keep people’s assets safe, they’ll trust your ability to do everything afterwards.”
Cohen stated that, in addition to safe-keeping services and execution capabilities, Nasdaq works on facilitation of movement and transfer by enhancing its execution capabilities.
Nasdaq declared in September that it would offer custody services. Bitcoin Ether to institutional investors. Ira Auerbach was the former prime broker at the crypto exchange Gemini and has been hired by the company to run the new Nasdaq Digital Assets unit.
Institutional investors are the main target market for the Nasdaq stock exchange. This is because their adoption has increased dramatically in the last few years. Although crypto can be a great investment, it is not easy to protect them. Company-owned funds should not be managed by one person.
Blockchain.News explains that this requires custodial service. Many believe that Nasdaq has yet to catch up with exchanges like Kraken, Gemini, Coinbase and Gemini in the crypto custody market for institutional investors.
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