Nasdaq, the operator of the stock exchange of the same name, announced plans to launch cryptocurrency storage services by the end of the second quarter of 2023.

According to Ira Auerbach, Senior Vice President and Head of Digital Assets at Nasdaq, the company is in the process of building the necessary technical infrastructure and obtaining licenses from the relevant regulators.

To this end, Nasdaq has applied to the New York City Department of Financial Services (NYDFS) for permission to form an independent regulated trust company to serve the new business.

It is expected that all organizational and preparatory activities will be completed in the second quarter of 2023, and the launch of the service for storing crypto assets will take place in the first half of the year.

At the initial stage, the new platform will provide services for storing bitcoins and ether to private users. The next step will be to expand the list of digital assets available for storage and offer services to corporate clients.

For the first time, Nasdaq’s intention to provide digital asset custody services to customers became known in September 2022, simultaneously with the hiring of Ira Auerbach, the former head of the Gemini Prime crypto brokerage company.

Nasdaq said that Auerbach will lead a new service that will compete in the crypto asset market with companies such as BitGo, Coinbase, BNY Mellon and State Street.