Nasdaq establishes crypto unit to tap institutional investors
Stock exchange hires Gemini executive Ira Auerbach to run the digital division
20 September 2022 - 22:13
byMehnaz Yasmin
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
The Nasdaq is placing a big bet on the cryptocurrency market with the launch of a digital assets business that is aimed at tapping institutional investors.
The new unit, Nasdaq Digital Assets, will offer custody services for cryptocurrencies, including bitcoin and ethereum, potentially pitting it against firms such as Coinbase, Fidelity Digital Assets and Winkelvoss twin-owned Gemini that offer similar products.
Nasdaq has hired Ira Auerbach, a Gemini executive, to lead the new unit.
The stock exchange has also expanded its anti-financial crime technology to detect and curb money laundering, fraud and market abuse risks, it said in a statement on Tuesday, as the market is constantly on the regulator’s radar.
The crypto market is reeling from a major rout, forcing some of its biggest players to lay off thousands of employees in a bid to cut costs. Bitcoin has crashed nearly 60% this year, driving companies such as Celsius Network and Voyager Digital to file for bankruptcy.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Nasdaq establishes crypto unit to tap institutional investors
Stock exchange hires Gemini executive Ira Auerbach to run the digital division
The Nasdaq is placing a big bet on the cryptocurrency market with the launch of a digital assets business that is aimed at tapping institutional investors.
The new unit, Nasdaq Digital Assets, will offer custody services for cryptocurrencies, including bitcoin and ethereum, potentially pitting it against firms such as Coinbase, Fidelity Digital Assets and Winkelvoss twin-owned Gemini that offer similar products.
Nasdaq has hired Ira Auerbach, a Gemini executive, to lead the new unit.
The stock exchange has also expanded its anti-financial crime technology to detect and curb money laundering, fraud and market abuse risks, it said in a statement on Tuesday, as the market is constantly on the regulator’s radar.
The crypto market is reeling from a major rout, forcing some of its biggest players to lay off thousands of employees in a bid to cut costs. Bitcoin has crashed nearly 60% this year, driving companies such as Celsius Network and Voyager Digital to file for bankruptcy.
Reuters
FARZAM EHSANI: Prudential Authority’s note is a welcome one for crypto
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
KATE THOMPSON DAVY: Surviving the merge — ethereum’s big move and what’s at ...
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.