The financial services behemoth announced today the formation of a new unit dedicated to the emerging cryptocurrency industry.
More institutional participants who are interested in learning more about the asset class can enter the market more easily thanks to Nasdaq Digital Assets.
According to Bloomberg, Nasdaq hired Gemini’s former broker services head, Ira Auerbach, to run the new department, citing Tal Cohen, the Wall Street giant’s executive vice president.
According to the company’s subsequent news release, the new offering “underpins” its goal of “advancing and helping promote larger institutional engagement in digital assets by providing trusted and institutional-grade solutions, focused on enhanced custody, liquidity, and integrity.”
According to the PR, the aforementioned features are intended to address some of the industry’s availability, efficiency, and connection concerns.
Additionally, Nasdaq promised a ground-breaking technological solution that will “bring together the finest aspects of hot and cold crypto wallets” and “deliver a high degree of accessibility and scalability without compromising security.”
However, the business stated that its most recent product still needs to be approved by regulators in the relevant countries.
In addition, Cohen described how institutions and major investors are increasing their need for bitcoin services and said that his business is “well-positioned to promote broader acceptance and achieve sustainable development.”
“The digital asset ecosystem is supported by technology that has the potential to change markets in the long run. Nasdaq President and CEO Adena Friedman stated, “Our goal will be to provide institutional-grade solutions that improve liquidity, integrity, and transparency to help the transition.