Nasdaq, the global stock exchange operator, has announced that it will be offering custody services for digital assets by the end of June 2023, in a bid to attract institutional clients.

The move comes despite regulatory uncertainty and suspicion surrounding cryptocurrencies in some countries. Nasdaq has been working hard to meet regulatory approvals and technical infrastructure requirements for the launch of its crypto custody services.

It has applied to the New York State Department of Financial Services for a limited-purpose trust company charter to supervise the new business. The service will begin by safekeeping Bitcoin and Ethereum, with plans to extend the offering to include execution for financial institutions.

Nasdaq joins other large financial firms, including BNY Mellon and Fidelity, in offering digital asset custody services. BNY Mellon became the first mainstream lender to roll out crypto services in early October 2022, and Fidelity announced plans to offer institutional users access to Ethereum later that month.