Cryptocurrency News

Nasdaq halts launch of cryptocurrency custody service

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Global securities marketplace Nasdaq is halting the launch of its own cryptocurrency custody that it previously planned to roll out by the end of the second quarter 2023.

Nasdaq has suspended the launch of its digital asset custody business because of regulatory risks, CEO Adena Friedman announced during the Q2 results call.

Friedman noted that Nasdaq remains committed to digital asset business development. The company will be closely monitoring the market for potential regulatory events over the next six months.

Nasdaq initially announced its crypto custody project in September 2022. The firm was planning to launch an official division allowing customers to safely store Bitcoin (BTC) and Ether (ETH).

As of March 2023, the company has been moving forward with the plan, targeting the launch of the platform by the end of July.

The news comes as major cryptocurrency firms are also working to list spot Bitcoin exchange-traded funds (ETF) on the Nasdaq exchange. The United States’ Securities and Exchange commission is currently considering two spot Bitcoin ETF proposals under Nasdaq Rule 5711.

This is a developing story, and further information will be added as it becomes available.

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