• Nasdaq has introduced that it’s going to launch a cryptocurrency custody service by the top of the second quarter of 2023.
• Nonetheless, the worldwide inventory market has stopped beginning providers.
• The Nasdaq cited adjustments within the U.S. enterprise and regulatory surroundings.

The launch of Nasdaq’s personal cryptocurrency custody service, which was supposed to start out by the top of the second quarter of 2023, has been postponed.

Throughout its second-quarter earnings name, Nasdaq delayed the launch of its digital asset custody enterprise, citing U.S. regulatory dangers, in accordance with CEO Adena Friedman.

The CEO confirmed the cancellation of the launch and stated:

“Given the altering enterprise and regulatory surroundings in the USA this quarter, we made the choice to droop the launch of our U.S. digital asset custodian enterprise and associated licensing efforts.”

Nasdaq nonetheless centered on cryptocurrencies

He emphasised that whereas the worldwide inventory market has suspended the launch of its personal crypto asset custody service, it stays dedicated to creating the digital asset enterprise.

Adena Friedman instructed purchasers that Nasdaq will carefully monitor the marketplace for potential regulatory occasions within the coming months.

“We proceed to construct and ship know-how capabilities that place Nasdaq as a number one digital asset software program options supplier to the broader world business. This contains the evolution of our storage options as a know-how platform to ship our providers.”

The information comes as a serious cryptocurrency firm refiles its Spot Bitcoin Trade Traded Fund (ETF) utility with the SEC. Almost all firms planning to challenge BTC ETFs are working in the direction of itemizing on the Nasdaq change. The SEC will assessment the refiled utility and determine whether or not to approve or deny it. The most recent Bitcoin ETF utility permitted by the SEC is the Valkyrie Spot Bitcoin ETF utility.