Nasdaq suspends the launch of its personal cryptocurrency custody

• Nasdaq had introduced it’s going to launch the crypto custody companies earlier than the tip of Q2, 2023.
• The worldwide securities market has nonetheless suspended launching the companies.
• Nasdaq has cited the shifting enterprise and regulatory atmosphere in the USA.

The launch of Nasdaq’s personal cryptocurrency custody, which it had beforehand deliberate to roll out by the tip of the second quarter of 2023, has been placed on maintain.

Based on CEO Adena Friedman, throughout the Q2 outcomes name, Nasdaq has postponed the launch of its digital asset custody enterprise resulting from regulatory dangers in the USA.

Confirming the suspension of the launch, the CEO stated:

“This quarter, contemplating the shifting enterprise and regulatory atmosphere in the USA, we now have made the choice to halt our launch of the U.S. digital belongings custodian enterprise and our associated efforts to pursue related license.”

Nasdaq nonetheless dedicated to cryptocurrencies

Whereas the worldwide securities market has suspended the launch of its personal crypto custody companies, it has emphasised that it stays dedicated to digital asset enterprise improvement.

Whereas affirming to prospects that Nasdaq will intently monitor the marketplace for potential regulatory occasions within the coming months, Adena Friedman stated:

“We proceed to construct and ship expertise capabilities that place Nasdaq as a number one digital belongings software program options supplier to the broader world trade. This contains advancing our custody answer as a expertise platform to serve the broader, world digital belongings market.”

The information comes as main crypto-affiliated corporations resubmit their spot Bitcoin exchange-traded funds (ETF) purposes with the SEC.   Virtually the entire companies planning to challenge BTC ETFs are engaged on itemizing them on the Nasdaq trade. The SEC is predicted to undergo the resubmitted purposes and decide whether or not to approve or reject them. The newest Bitcoin ETF utility to be accepted by the SEC is the Valkyrie Spot Bitcoin ETF utility.