Nasdaq (NDAQ) is aiming to debut its crypto custody services by the end of the second quarter, Bloomberg reported on Friday.
The stock market exchange operator's senior vice president and head of digital assets, Ira Auerbach, said the firm is working on getting the necessary infrastructure and regulatory approval in place. Nasdaq applied to the New York Department of Financial Services (NYDFS) for a limited-purpose trust company charter which would oversee its custody service.
Nasdaq announced its intentions in September as it looked to respond to the demand from institutional crypto investors.
Traditional finance companies such as Nasdaq are looking to fill the gap left by more crypto-centric firms that have shut their doors in recent months, with exchange FTX and banks Silvergate and Signature the most prominent.
Should appetite for crypto among the likes of Nasdaq remain strong, it may prove a positive signal for mainstream cryptocurrency adoption.
Nasdaq did not immediately respond to CoinDesk's request for further comment.
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