The corporation had filed for a limited-purpose trust company with the NYDFS earlier.
The decision by Nasdaq is a setback for the institutional adoption of cryptos in the U.S.
On Wednesday’s earnings call, CEO and President Adena Friedman said that Nasdaq (NDAQ) will not be launching its planned cryptocurrency custody service in the second quarter of this year.
The American stock exchange giant said in September 2022 that it was assembling the necessary infrastructure and regulatory permission to launch a cryptocurrency custody service. The corporation had filed for a limited-purpose trust company with the New York Department of Financial Services (NYDFS) to manage the custody operations.
Now, “considering the shifting business and regulatory environment in the U.S.,” Friedman said Nasdaq has decided to cease these plans and its endeavor to acquire the requisite license.
Setback for Institutional Crypto Adoption
However, she emphasized that the company’s goal is to continue ass
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