Nasdaq plans to use the technology it developed for its unsuccessful cryptocurrency custodian business to expand into new markets like carbon credits. After abandoning its crypto plans due to changing US regulations, Nasdaq still sees value in the custody technology and will reposition it as a generalized service for alternative assets.
Co-president Tal Cohen said Nasdaq hopes to power markets like carbon credits, in addition to digital assets, with its institutional-grade custody platform. As US regulators crack down on crypto, mainstream financial firms like Nasdaq have shifted their digital asset strategies.
Earlier this year, Nasdaq reaffirmed its commitment to keep developing crypto-related technologies for clients, even though it stopped pursuing a crypto custody license.
With UK startups increasingly choosing to go public in New York over London, US exchanges like Nasdaq have benefited. Cohen said Nasdaq wants to work with lawmakers to make the region more attractive for listings. He identified tax policies, regulations, and complexity as issues hindering Europe’s growth that Nasdaq could help address.
Previously in July, Nasdaq CEO Adena Friedman said the changing regulatory environment caused them to halt plans for a crypto custody service, despite having prepared infrastructure and a license application. However, Friedman reiterated Nasdaq’s commitment to supporting crypto ecosystem evolution through regulatory engagement, providing trade life cycle technologies, and partnering with potential crypto ETF issuers.
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