Nasdaq suspends the rollout of its cryptocurrency custody service

Nasdaq declared that it is still dedicated to the growth of the digital asset industry and that it would soon be keeping an eye on market developments.

The debut of Nasdaq’s own cryptocurrency custody, which was scheduled to occur by the end of the second quarter of 2023, has been postponed.

According to CEO Adena Friedman, the debut has been postponed due to regulatory concerns in the United States.

Friedman said, “We have decided to halt our launch of the U.S. digital assets custodian company and our related efforts to acquire necessary license this quarter, considering the altering business and regulatory environment in the United States.

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The Nasdaq CEO stressed that the corporation is still committed to developing digital assets, saying:

Friedman also stated that Nasdaq will closely watch the market in the upcoming months for any potential regulatory events.

In September 2022, Nasdaq first disclosed its cryptocurrency custody initiative. The business intended to introduce a formal division that would enable consumers to securely keep Bitcoin BTC.

Ticks decreased by $29,887  include Ethereum ETH tickers $1,901 lower

The corporation was going ahead with the plan as of March 2023, hoping to start by the end of July.

Major cryptocurrency companies are now attempting to launch spot Bitcoin exchange-traded funds (ETF) on the Nasdaq exchange, which is when the news was released. Under Nasdaq Rule 5711, the Securities and Exchange Commission of the United States is now debating two spot Bitcoin ETF proposals.

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