Nasdaq is gearing up to utilize the technology initially developed for its cryptocurrency venture to venture into emerging markets, particularly targeting assets like carbon. Although the renowned stock exchange operator recently abandoned plans for a digital asset custodian business in the U.S., it seeks to leverage its technology to attract clients interested in new and diverse assets.
Tal Cohen, Nasdaq’s co-president, shared in an interview with Bloomberg Television that the company plans to launch the technology as an institutional-grade, end-to-end platform. This technology is expected to not only support digital assets but also cater to markets such as carbon.
In response to regulatory efforts aiming to distance the U.S. financial system from cryptocurrencies, Nasdaq has adjusted its digital asset ambitions, committing to continue developing technology to support crypto-related services for clients.
While U.S. exchange operators benefit from UK startups choosing to debut on public markets in New York rather than London, Cohen expressed Nasdaq’s willingness to collaborate with lawmakers to enhance the region’s appeal for such listings.
Addressing challenges faced by Europe, including tax regimes, burdensome regulations, and complexity hindering growth, Nasdaq, a significant presence in Europe, is open to discussions with European authorities for potential collaboration and assistance.
Nasdaq had previously dropped plans for a cryptocurrency custody service in July due to evolving business and regulatory landscapes in the U.S. Nasdaq CEO Adena Friedman stated that, despite abandoning the custodian business, the company remains committed to supporting the digital asset ecosystem through technology solutions and partnerships with potential ETF issuers. Nasdaq will continue engaging with crypto companies and exploring opportunities for tradable exchange-listed products.
