The chief executive of Nasdaq Inc. has said it is capturing significant market demand with plans to launch a service for storing and executing cryptocurrencies.
Tal Cohen, Nasdaq Executive Vice President and Head of North American Markets, said: To tell In an interview with Bloomberg, the second-largest stock exchange said it is focusing on custody services as its first major step into the digital asset business.
“Today we are focused on custody. Let’s get started, build from there, and have execution capabilities because it’s not just storage, it’s the movement and transfer of assets that we want to facilitate.”
He added that he would wait for regulatory clarification before discussing the potential launch of a cryptocurrency exchange.
“And over time, as regulations become clearer and adoption of the scheme increases, they are more than happy to discuss them. But right now, on the retail side, the market is pretty saturated. There are a lot of exchanges that offer services and I think we’re focused on where the demand is and where the opportunity is and I think it’s huge on the storage side and the execution side .”
Cohen said the company will also explore ways to leverage the data capabilities of blockchain.
“There is a lot of content and data that blockchain provides, so we will look at derived data products and other value-creating opportunities that enhance transparency, liquidity, and customer-market interactions.”
Cohen believes Nasdaq’s entry into custody services will accelerate institutional adoption of cryptocurrencies.
“The custody and execution aspects are very appealing to us. From our perspective, it has remained strong during this recession.”
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