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The new unit, Nasdaq Digital Assets, will offer custody services for cryptocurrencies, including bitcoin and ethereum, potentially pitting it against firms such as Coinbase (NASDAQ:COIN), Fidelity Digital Assets and Winkelvoss twin-owned Gemini that offer similar products.
Nasdaq has hired Ira Auerbach, a Gemini executive, to lead the new unit.
The stock exchange has also expanded its anti-financial crime technology to detect and curb money laundering, fraud and market abuse risks, it said in a statement on Tuesday, as the market is constantly on the regulator’s radar.
The crypto market is reeling from a major rout, forcing some of its biggest players to lay off thousands of employees in a bid to cut costs. Bitcoin has crashed nearly 60% this year, driving companies such as Celsius Network and Voyager Digital Ltd to file for bankruptcy.