Nasdaq announced plans to repurpose the technology developed by its previously halted cryptocurrency initiative in a strategic move. Having abandoned the crypto asset custody business earlier this year in the United States, Nasdaq aims to use this advanced technology to enter emerging markets, with a particular focus on carbon.
Tal Cohen, the co-president of Nasdaq, stated in an interview with Bloomberg that the exchange operator intends to offer crypto technology as a comprehensive technology service.
The redesigned platform will not only serve digital assets but will also act as an institutional-level solution for emerging markets such as carbon.
Cohen emphasized Nasdaq’s commitment to enhancing the capabilities of this technology, highlighting its potential to empower a range of markets beyond digital assets. This move occurs amidst Nasdaq’s active role in emerging markets and its determination to adapt to changing regulatory environments.
Nasdaq’s decision to repurpose its crypto technology demonstrates its ability to adapt to the regulatory challenges surrounding digital assets. Nasdaq signaled a cautious retreat earlier this year by stopping the chase for a license for crypto asset custody, indicating a focus on technological innovation.