Global stock market Nasdaq has canceled the launch of its own cryptocurrency custody, which was to be rolled out by the end of the second quarter of 2023.
Nasdaq has suspended the launch of its digital asset custody business, citing U.S. regulatory risks, CEO Adena Friedman said. announced 2nd quarter results announced.
“Given the changes in the business and regulatory environment in the United States this quarter, we made the decision to suspend the launch of our U.S. digital asset custodian business and related licensing efforts,” Friedman said.
The Nasdaq CEO emphasized the company’s continued commitment to developing its digital asset business, stating:
“We continue to build and deliver technology capabilities that position Nasdaq as a leading digital asset software solutions provider to the broader global industry. This includes evolving our custody solution as a technology platform for
Friedman also added that Nasdaq will closely monitor the market for potential regulatory events in the coming months.
Nasdaq originally announced a cryptocurrency custody project in September 2022. The company had planned to launch a formal division to allow customers to safely store Bitcoin (BTC) and Ether (ETH).
Related: Valkyrie ‘BRRR’ Spot Bitcoin ETF Joins SEC’s Nasdaq Rulemaking List
As of March 2023, the company is planning to launch the platform by the end of July.
The news comes as major cryptocurrency companies are also working towards listing their physical Bitcoin Exchange Traded Funds (ETFs) on the Nasdaq exchange. The U.S. Securities and Exchange Commission is currently considering two spot Bitcoin ETF proposals under Nasdaq Rule 5711.
This is a work in progress story and more information will be added as it becomes available.
magazine: NFT Collectors: The Future of Sports with Interactive NFTs Exciting the Las Vegas Sphere
