Nasdaq goes all in on Crypto: Custody, liquidity, and execution services

Rick Steves

“The technology that underpins the digital asset ecosystem has the potential to transform markets over the long-term.”

Nasdaq growth record

Nasdaq has launched a digital asset division that underpins the company’s ambition to advance and help facilitate broader institutional participation in digital assets.

Subject to regulatory approval, Nasdaq Digital Assets will provide a proprietary custody solution with liquidity and execution services for institutional participants.

Nasdaq appoints ex-Gemini Ira Auerbach as Head of Digital Assets

To that effect, Nasdaq hired Ira Auerbach to lead the crypto-focused business as Senior Vice President, Head of Digital Assets, overseeing the team’s strategic roadmap, growth targets, and product development.

Ira Auerbach joins Nasdaq from Gemini, where he held several executive positions across product, business development, and trading, most recently as the Global Head of Gemini Prime, the crypto platform’s prime brokerage services.

The plan is to initially develop an advanced custody solution that will incorporate liquidity and execution services to address industry challenges around connectivity, availability, and efficiency.

The custody solution will feature attributes of hot and cold crypto wallets to provide a high degree of accessibility and scalability without compromising security.

“Potential to transform markets over the long-term”

Adena Friedman, President and Chief Executive Officer, Nasdaq, said: “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. 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.”

Tal Cohen, Executive Vice President and Head of North American Markets, Nasdaq, commented: “Demand among institutional investors for engaging in digital assets has increased in recent years, and Nasdaq is well-positioned to accelerate broader adoption and drive sustainable growth. 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.”

Nasdaq launches anti-financial crime solutions for crypto

As part of its incursion into digital assets, Nasdaq has expanded anti-financial crime technology capabilities to cover the crypto ecosystem through its Verafin and Surveillance product offerings.

Nasdaq has launched a comprehensive suite of crypto-specific detection capabilities to effectively mitigate risks and provide continuous monitoring of anti-money laundering, fraud detection, and market abuse across traditional and digital assets, fiat and crypto, and on- and off-chain activities.

Jamie King, Executive Vice President, Head of Anti-Financial Crime, Nasdaq, said: “Our expanded suite of anti-financial crime solutions reinforces our commitment to protecting the integrity of the financial system. As the world of digital assets evolves and converges with traditional finance, it is crucial to provide the necessary portfolio of technology solutions designed to safeguard participants across the financial ecosystem.”

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