Nasdaq to Launch BTC and ETH Storage Service in 2023

The well-known stock exchange of technology companies will open to two leading virtual currencies

According to information provided by Bloomberg, another financial giant wants to profit from the growing adoption of Bitcoin (BTC) and Ethereum (ETH). Recent reports indicate that Nasdaq is reportedly planning to launch a storage service for two of the top cryptocurrencies by the end of the second quarter of 2023. The well-known exchange has announced its plans to open up to cryptocurrencies for the first time. This is to take place in September 2022.

Nasdaq will launch BTC and ETH storage service

Another stimulus has appeared on the horizon of the two largest digital currencies that can significantly increase their value. It is the launch of a service related to the storage of BTC and ETH by a huge exchange located in New York.

Recent reports that Nasdaq plans to join a number of well-known and traditional financial institutions open to digital currencies appeared on the Bloomberg website. At this point, however, it is worth recalling that this exchange already talked about its plans to enter the cryptocurrency sector in September 2022.

Nasdaq Digital Assets Senior Vice President Ira Auerbach recently told the media that the platform is working hard to build a “robust” technology infrastructure that will enable Nasdaq to serve new cryptocurrency clients while maintaining full transparency and regulatory compliance.

Publicly available news shows that the new service may appear by the end of the second quarter of 2023. Moreover, for Nasdaq, it will be the first significant step on the road to creating a comprehensive range of financial services related to cryptocurrencies. There are many indications that the exchange no longer intends to underestimate the growing strength of the digital asset market.

Another rise in cryptocurrency charts may be close

This year's increases that we observe on the charts of the leading digital currencies have caused experts and analysts related to this sector to start forecasting a completely new bull cycle on BTC and ETH. Giants in the form of Fidelity or BlackRock have already started expanding their cryptocurrency activities in the past without much media "hype".

In March this year, a large multinational corporation based in Boston - Fidelity began offering its clients services related to digital currency trading and custody for retail investors. A similar situation is in the case of one of the world's largest companies that specializes in asset management. BlackRock decided not to waste the emerging investment opportunity by expanding its activities into digital currencies.

Currently, investors in the cryptocurrency sector pay about USD 27.8 thousand for one Bitcoin. Over the last 24 hours, the oldest cryptocurrency has experienced a slight price change. Since the beginning of this year, however, the BTC rate has increased by nearly 70%. The uptrend started from a January low near $16,500 to levels that have surpassed the $28,000 seen recently. ETH is also the beneficiary of the exemplary trend in this year's rally. Its price rose from just $1,200 earlier this year to above the $1,800 line. This resulted in a change of 50%. Currently, after a slight correction, this cryptocurrency is changing hands around $ 1.7 thousand per coin.