Nasdaq Launches Crypto Custody Service to Compete with Coinbase and Fidelity
Nasdaq Inc, the second most popular stock exchange in the US by market capitalization is planning to launch a crypto custody service by the end of the second quarter as per Bloomberg. Currently, BNY Mellon and Fidelity Investments are the two major traditional Finance Institutions providing custody and administrative services for digital assets.
Ira Auerbach, senior vice president and head of Nasdaq Digital Assets, stated that they are working on obtaining all the necessary technological infrastructure and the regulatory approvals.
Cryptocurrencies like Bitcoin would need a custody provider to be traded on Nasdaq. Nasdaq is working on using technologies to detect and prevent money laundering and other financial crimes.
Nasdaq will be primarily focusing on cryptocurrencies like Bitcoin and Ether and would compete with other custody services companies like Coinbase, and Fidelity digital assets.
Nasdaq sees a tremendous opportunity and trying to fill the void in the emerging crypto industry due to the recent happenings like bankruptcies and collapse of the biggest firms and banking institutions including crypto exchange FXT, Celsius Network, Silvergate capital, Signature bank and Silicon Valley bank who has huge crypto assets deposits.
Meanwhile, the crypto exchanges, Coinbase and Binance are also facing regulatory scrutiny which creates trust issues for institutional investors to invest in the crypto market.
nasdaq: Custody Services for Crypto assets
Custody service plays a major factor in the financial market which minimizes risk and meets regulatory compliance. Handling cryptocurrency assets involves a lot of risk factors and other concerns that need to be tackled.
The entry of a reputable financial institution into the cryptocurrency market sends out a favorable signal and draws more traders and investors into the booming cryptocurrency industry. Regulations help to restore crypto credibility and set standards for the crypto market.
Bitcoin regains $28,000, does it continue its momentum in April?
The banking industry collapse has had a positive impact on the cryptocurrency market despite a slight dip in their prices. Bitcoin (BTC) has touched the $28,000 mark as it enters the last week of March reaching a 22% high this month. At the time of writing, BTC is trading at about $27,959.
The federal announcement of increasing interest rates has slightly affected the bitcoin price, however, BTC regained its momentum and reached above $28,000 on March 24. Upcoming events may trigger the price of BTC and are targeted to reach the mark of $30,000 in the coming months.
Some traders predict that the bitcoin price may retest $26K due to waning bullish momentum. As per experts, there exists a strong buy for bitcoin, and estimated 1.4 addresses bought more than 700,000 BTC within the $27,170 and $27,970 price range.
However, the underlying issue with the crypto market is that it is suffering from a liquidity crisis. As per crypto experts, the current liquidity in the BTC market is considered to be the lowest in 10 months. This has created a higher price slippage and can have a significant impact.
Crypto Fugitive Do Kwon arrested
Do Kwon, the co-founder of Terraform Labs based in Singapore, was arrested by Interpol in Podgorica, the capital of Montenegro, after being accused of fraud and other financial crimes. He is wanted by countries including the US, South Korea, and Singapore.
Do Kwon is also the primary developer of the cryptocurrency Luna and TerraUSD. He was arrested at the airport with falsified documentation while going to Dubai.
According to blockchain analytics firm Elliptic, investors have lost an estimated $42 billion due to the stablecoin, TerraUSD and its sister token Luna that plunged to below $1 peg in may which was meant to retain a $1 price point. The sudden collapse shocked the crypto market and landed in a crisis that impacted other cryptocurrencies including Bitcoin and Ether.
Open-Source Blockchain D-Ecosystem raises $6M
A decentralized, open-source blockchain D-Ecosystem, announced that it has raised $6M in funding ahead of its initial DEX offering (IDO). The public sale (11 %) will commence in phases. Phase 1 will start on March 29 and end on April 30 and will be available for $0.50 per coin. Phase 2 will begin from May 1 to May 31 with a price of $0.70 per DCX. The minimum purchase is 100 DCX and the maximum is 5,000,000 DCX.
D-ecosystem provides a wide range of products and services including:
D-Chain: A decentralized, open-source blockchain with a virtual machine that helps enterprises (small, medium, and large) to implement their smart contracts ( operates only when conditions are met). D-chain has its own coin called Decos or D-coin and the ticker is DCX. D- chain uses a proof-of-stake consensus mechanism.
There are a total of 527,200,407 DCX coins available and out of which 57,992,044 are for public sale.
Crypto Wallet: D-wallet is accessible through both a browser extension and a mobile application. D- wallet allows you to buy, store, send, and swap tokens. It supports 80+ cryptocurrencies. You can safely connect to decentralized apps (dapps) with the help of D-wallet and can have full access to your data anytime with your keys and password.
Other features coming soon are
- D-coin faucet
- Swap applications (coins & tokens)
- Connects various EVM blockchain
- NFT marketplace
D-ecosystem has also launched Launchpad, a revolutionary platform that will facilitate new projects to launch their own coins and raise funds. Anyone can launch their project securely through their platform where projects can be benefited from the platform’s existing user base.
