Nasdaq Halts Crypto Custody Service Plans Amid Regulatory Concerns
Portfolio Pulse from Murtuza Merchant
Nasdaq Inc has decided to halt its plans to offer a cryptocurrency custody service due to business and regulatory challenges, according to CEO Adena Friedman. The company had been expecting approval from the New York Department of Financial Services to start providing custody services. However, Nasdaq plans to continue developing technology to position itself as a leading digital assets software solutions provider. In collaboration with BlackRock Inc, Nasdaq proposed a spot Bitcoin ETF, which is currently under review by the SEC.
July 19, 2023 | 6:03 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
BlackRock's collaboration with Nasdaq on a proposed Bitcoin ETF, currently under SEC review, could impact BlackRock's position in the crypto market.
The proposed Bitcoin ETF, if approved, could enhance BlackRock's position in the crypto market. However, the ongoing SEC review introduces uncertainty, which could lead to short-term volatility in BlackRock's stock price.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
The proposed Bitcoin ETF by Nasdaq and BlackRock, currently under SEC review, could impact the price of Bitcoin in the short term.
The proposed Bitcoin ETF, if approved, could increase institutional adoption of Bitcoin, potentially driving up its price. However, the ongoing SEC review introduces uncertainty, which could lead to short-term volatility in Bitcoin's price.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 50
NEUTRAL IMPACT
Nasdaq's decision to halt its crypto custody service plans may impact investor sentiment, potentially leading to short-term volatility in its stock price.
The decision to halt the crypto custody service could be seen as a setback for Nasdaq's expansion into the crypto market, potentially affecting investor sentiment and causing short-term volatility in its stock price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100