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October 5, 2022

Nasdaq New Crypto Exchange Hitting A Few Snags

In an interview with Bloomberg, Tal Cohen, the executive vice president of Nasdaq, stated that the company does not have any immediate plans to launch a cryptocurrency exchange until there is better regulatory clarity from policymakers. Nasdaq is the stock exchange that operates in the United States.

Cohen also provided some insight on other crypto-related services that the exchange is working on, namely creating execution capabilities on the platform to move and transfer assets.

He did this to throw some light on other crypto-related services that the exchange is working on. He also said that his company will maintain its focus on the cryptocurrency custody services that were introduced on September 20.

Cohen believes that the retail sector of the cryptocurrency industry is reasonably saturated and that there are an adequate number of cryptocurrency exchanges that cater to the requirements of retail investors.

It is possible that the second biggest stock exchange in the world may be reluctant to create a cryptocurrency exchange in the United States; nevertheless, the company did operate a cryptocurrency exchange in Brazil in partnership with XP, the country’s main brokerage service provider, last year.

The SEC is carrying on with its enforcement operations against cryptocurrency companies, and early this year it increased the size of its crypto enforcement team.


Not only does the absence of laws hinder established firms like Nasdaq from joining the field, but even current cryptocurrency platforms in the nation have suffered from time to time owing to enforcement actions and penalties. This is because of the lack of regulations.

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Nasdaq’s Custodial Services

According to a press release that was issued by Nasdaq two weeks ago, the company is in the process of launching a cryptocurrency custody service in an effort to capitalize on the demand from institutional crypto investors.

Nasdaq is the second-largest stock market operator in the United States. Ira Auerbach, who most recently served as the head of prime brokerage services at Gemini, has been appointed by the business to serve as the head of its digital assets segment.

In recent years, there has been a rise in the demand from institutional investors to engage in digital assets. Tal Cohen, head of North American markets at Nasdaq, said in the release that the company is well-positioned to promote wider adoption and achieve sustainable development.

When it comes to keeping bitcoin (BTC) and ether (ETH) for institutional customers in the United States, Nasdaq will compete with cryptocurrency exchange Coinbase as well as cryptocurrency custodians Anchorage Digital and BitGo.

In the month of May, Nasdaq entered into a partnership with the Brazilian company XP to establish a digital asset exchange that would be known as XTAGE.

An official at Nasdaq named Roland Chai said that the cooperation with XP will bring forth new chances for investors and other businesses. The XP data suggests that the opening of the exchange will take place in 2022.

The tremendous demand and potentially presented by clients is the primary motivation for Nasdaq’s decision to continue offering cryptocurrency custody services.