Nasdaq plans to capitalize on the demand for institutional service providers in the crypto market by launching its crypto custody service at the end of the second quarter in 2023.

According to Ira Auerbach, the Senior Vice President and Head of Nasdaq Digital Assets, American stock exchange Nasdaq, is set to begin offering its crypto custody services to clients by the end of Q2 2023.

He added that the exchange is working round the clock to get the necessary regulatory approvals to meet their target of debuting in Q2 of this year. 

Auerbach further stated that Nasdaq also applied to the New York Department of Financial Services for a limited-purpose trust company charter.

Nasdaq will begin its platform by offering bitcoin (BTC) and ethereum (ETH) custody services before expanding to a broad suite of services for its digital assets division in the near future.

Launching its crypto custody solutions is not Nasdaq’s first foray into crypto. The exchange has offered market surveillance technologies to various crypto exchanges in the past and has continued to make crypto-related investments.