Nasdaq is about to provide a service for institutional crypto custody.

Nasdaq, the exchange operator, might soon introduce custody services for cryptocurrencies.

The goal of the move is to increase the operator's selection of services offered in the cryptocurrency area. Through a brand-new division devoted to digital assets, the company would initially provide institutional investors with custody services for Bitcoin and Ether. The operator has expressed a lack of interest in soon opening a cryptocurrency exchange.

The Coming Major Revolution

Ira Auerbach, who oversaw prime broker services at cryptocurrency exchange Gemini, would lead the new custodial services team. In spite of bad macroeconomic conditions, institutional investors are nevertheless interested in cryptocurrencies at the time of the company's new endeavour. According to Tal Cohen, executive vice president of Nasdaq, widespread institutional acceptance of cryptocurrencies will spark a revolution.

We think this next wave of the revolution is going to be driven by large institutional adoption, Auerbach said in an interview, according to a Bloomberg story. Nasdaq is the only venue that comes to mind as being better for bringing that trust and brand to the market.