According to reports, equity exchange operator Nasdaq is soon to make its entry into the institutional crypto custody service.

The reason behind this move can be alluded to as increasing the scope of the operator’s range of services that have been provided within this particular space.

Nasdaq is a firm that operates in the markets for the U.S. and global equities and has previously been affiliated with the non-conventional financial markets.

It has served as a provider of market surveillance technology to crypto exchange firms for the last couple of years.

Earlier last year, the exchange platform announced the launch of the Hashdex Nasdaq Crypto Index ETF, which was based on Nasdaq’s own index.

Adena Friedman, President and Chief Executive Officer, mentioned,

Nasdaq Digital Assets builds upon the successful solutions we have introduced in recent years to serve the digital assets ecosystem, including marketplace technology for digital asset exchanges, crypto-native anti-financial crime offerings, and crypto-related index solutions for tradable products.

Nasdaq’s plan is to first develop an advanced custody solution and then introduce liquidity and execution services, which would take care of the industry challenges that follow.

They specifically include issues around connectivity, availability, and efficiency.

The custody solution by the operator is supposed to bring together all the best features of crypto wallets with the help of innovative technological offerings.

This, in turn, should provide a high level of accessibility and scalability while ensuring that security is not jeopardized.

The offering by the exchange operator shall be subjected to regulatory approval in applicable jurisdictions.

Friedman further stated,

The technology that underpins the digital asset ecosystem has the potential to transform markets over the long-term. To deliver on that opportunity, our focus will be to provide institutional-grade solutions that bring greater liquidity, integrity, and transparency to support the evolution.

Growth in the cryptocurrency industry coupled with an increased number of investors who are engaging in the digital asset industry has caused Nasdaq to accelerate this plan for the purpose of broader adoption of crypto.

Not just growth, this crypto custody service is also a step closer to ensuring sustainable growth within the space.

Tal Choen, Executive Vice President and Head of North American Markets, Nasdaq quoted,

With our trusted brand and strong track record as a technology provider for the global capital markets, Nasdaq is uniquely placed to address industry pain points by improving liquidity, scalability, and resiliency, with the goal to engender greater trust and confidence in the digital assets ecosystem.

Ira Auerbach, who is the Senior Vice President and Head of Digital Assets, will be leading the team.

Auerbach will be looking after the team’s strategic roadmap, product development, and growth targets.

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