Nasdaq has announced the launch of “Nasdaq Digital Assets” citing increased demand for digital assets among institutional investors in recent years. Initially, the new crypto unit will offer custody solutions for bitcoin and ether to institutional investors.
Nasdaq (Nasdaq: NDAQ), the world’s second-largest stock exchange, announced Tuesday the launch of a new business called “Nasdaq Digital Assets.” Initially, Nasdaq Digital Assets will develop an institutional-grade custody solution, the announcement details, adding:
Nasdaq’s custody solution will bring together the best attributes of hot and cold crypto wallets.
Tal Cohen, head of North American Markets at Nasdaq, told Bloomberg that the new crypto group will initially offer custody services for bitcoin (BTC) and ether (ETH) to institutional investors.
Ira Auerbach, who ran prime broker services at cryptocurrency exchange Gemini, will lead the new unit. Nasdaq’s offering is subject to regulatory approval in applicable jurisdictions.
Adena Friedman, president and CEO of Nasdaq, explained: “Nasdaq Digital Assets builds upon the successful solutions we have introduced in recent years to serve the digital assets ecosystem, including marketplace technology for digital asset exchanges, crypto-native anti-financial crime offerings, and crypto-related index solutions for tradable products.”
Cohen noted:
Demand among institutional investors for engaging in digital assets has increased in recent years, and Nasdaq is well-positioned to accelerate broader adoption and drive sustainable growth.
Nasdaq also announced Tuesday the expansion of its “anti-financial crime technology with new capabilities and coverage for the cryptocurrency ecosystem.”
The company detailed:
Through its Verafin and Surveillance product offerings, Nasdaq has launched a comprehensive suite of crypto-specific detection capabilities.
The new tools will allow the company “to effectively mitigate risks and provide continuous monitoring of anti-money laundering, fraud detection, and market abuse across traditional and digital assets, fiat and crypto, and on- and off-chain activities,” the announcement notes.
“As the world of digital assets evolves and converges with traditional finance, it is crucial to provide the necessary portfolio of technology solutions designed to safeguard participants across the financial ecosystem,” said Jamie King, head of Anti-Financial Crime at Nasdaq.
What do you think about Nasdaq establishing a crypto unit? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Nasdaq has announced the launch of “Nasdaq Digital Assets” citing increased demand for digital assets among institutional investors in recent years. Initially, the new crypto unit will offer custody solutions for bitcoin and ether to institutional investors.
Nasdaq (Nasdaq: NDAQ), the world’s second-largest stock exchange, announced Tuesday the launch of a new business called “Nasdaq Digital Assets.” Initially, Nasdaq Digital Assets will develop an institutional-grade custody solution, the announcement details, adding:
Nasdaq’s custody solution will bring together the best attributes of hot and cold crypto wallets.
Tal Cohen, head of North American Markets at Nasdaq, told Bloomberg that the new crypto group will initially offer custody services for bitcoin (BTC) and ether (ETH) to institutional investors.
Ira Auerbach, who ran prime broker services at cryptocurrency exchange Gemini, will lead the new unit. Nasdaq’s offering is subject to regulatory approval in applicable jurisdictions.
Adena Friedman, president and CEO of Nasdaq, explained: “Nasdaq Digital Assets builds upon the successful solutions we have introduced in recent years to serve the digital assets ecosystem, including marketplace technology for digital asset exchanges, crypto-native anti-financial crime offerings, and crypto-related index solutions for tradable products.”
Cohen noted:
Demand among institutional investors for engaging in digital assets has increased in recent years, and Nasdaq is well-positioned to accelerate broader adoption and drive sustainable growth.
Nasdaq also announced Tuesday the expansion of its “anti-financial crime technology with new capabilities and coverage for the cryptocurrency ecosystem.”
The company detailed:
Through its Verafin and Surveillance product offerings, Nasdaq has launched a comprehensive suite of crypto-specific detection capabilities.
The new tools will allow the company “to effectively mitigate risks and provide continuous monitoring of anti-money laundering, fraud detection, and market abuse across traditional and digital assets, fiat and crypto, and on- and off-chain activities,” the announcement notes.
“As the world of digital assets evolves and converges with traditional finance, it is crucial to provide the necessary portfolio of technology solutions designed to safeguard participants across the financial ecosystem,” said Jamie King, head of Anti-Financial Crime at Nasdaq.
What do you think about Nasdaq establishing a crypto unit? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
According to Microstrategy’s executive chairman Michael Saylor, his company has recently purchased 301 bitcoin for $6 million at an average price of $19,851 per coin. Saylor detailed that the firm’s balance sheet now holds 130,000 bitcoins as the company’s stash is the largest number of bitcoins held by a publicly listed business today.
On Tuesday, Michael Saylor announced that Microstrategy acquired 301 BTC for $6 million and the company paid an average price of $19,851 per coin. It’s been a while since Microstrategy purchased bitcoin and the last time it acquired BTC was at the end of June. At the time, the company bought “approximately 480 bitcoins for approximately $10.0 million in cash.”
The purchase on June 28 brought Microstrategy’s BTC stash up to 129,699 bitcoin and the 301 acquired this week makes the company’s bitcoin count an even 130,000 BTC. “Microstrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per,” Saylor wrote on Tuesday. Microstrategy’s executive chairman added:
Microstrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.
Presently, there are no other publicly listed companies with as much bitcoin (BTC) as Saylor’s Microstrategy. However, the trustee from the Mt Gox bankruptcy trial reportedly has 141,686 BTC that will be distributed to creditors at some point in time. The publicly-listed Galaxy Digital Holdings is second to Microstrategy, with roughly 40,000 BTC held on its balance sheet.
As far as private entities, there are two caches of BTC held by private organizations that hold more BTC than Microstrategy and one of them is the Mt Gox stash. Block.one, the team behind EOS, holds approximately 140,000 BTC according to current bitcoin treasury statistics. Following Microstrategy’s purchase of 301 bitcoin, a number of people commented about the company’s recent acquisition.
“Now you are just being greedy Saylor – Please save some for the rest of us,” the Crypto Rand Twitter account said.
What do you think about Microstrategy buying 301 bitcoin on Tuesday? Let us know in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
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