- Nasdaq is repurposing its cryptocurrency technology into carbon markets and other emerging assets, offering an institutional-grade platform instead of custodian services due to regulatory constraints.
- Despite ceasing to pursue digital asset licenses, Nasdaq continues to build crypto technology for its customers.
- US exchange operators benefit from UK startups listing in New York rather than LDN, and Nasdaq has made the region more attractive for listings as structural issues in Europe hinder listings. He is willing to work with legislators to make it a community.
Nasdaq charts new direction with repurposed technology
Major stock exchange operator Nasdaq plans to reuse technology it developed for its abandoned cryptocurrency custodian business in the United States to expand into new emerging markets.
“We’re still planning on launching it, but we’re launching it as a technology service.”
Tal Cohen
The company's co-president, Tal Cohen, said in an interview with Bloomberg Television that Nasdaq will launch a technology service instead of pursuing a license for its digital asset business, citing regulatory pressure. The move is aimed at attracting more customers to new assets such as carbon.
Carbon market expansion plan
Nasdaq's decision to repurpose its crypto technology into new markets comes as the company seeks to expand into carbon markets. Cohen said Nasdaq's institutional-grade end-to-end technology platform will power markets like carbon as well as digital assets. The move is part of Nasdaq's efforts to stay ahead of the curve in emerging markets and provide a competitive edge to its customers.
Nasdaq calls on lawmakers to list in New York
Tal Cohen called on MPs to make New York a more attractive place for British start-ups to list. Mr. Cohen cited Europe's structural problems, including taxation, onerous regulations, and fragmentation, as major obstacles to listing in London.
“I think in Europe we are facing structural issues such as taxation, onerous regulation, a lot of fragmentation and complexity.”
The Nasdaq has benefited from British startups choosing to enter the public market in New York rather than London, and Mr Cohen's call to MPs will help it maintain market share and attract more customers. This is part of the company's efforts.
