Wall Street Grapples with Crypto Custody: Nasdaq's Decision Sparks Activity A decision by the Nasdaq stock
exchange to shelf its plans to launch a crypto custody service has led other US firms to also reconsider their planned push
into crypto.
Following the Nasdaq news, major investment bank
Citigroup is now also taking time to rethink its approach to crypto, with Bloomberg reporting on Monday that the bank
is “reviewing its partnership” with Swiss crypto custody software provider
Metaco.
At the same time,
State Street, another major US asset manager,
has axed its deal with the London-based crypto custody provider Copper Technologies, Bloomberg said.
As with Nasdaq’s decision
to move away from crypto, regulatory uncertainty
in the US is believed to be a major reason for the firms to distance themselves from the nascent industry.
However, some things are also moving forward
in the relationships between traditional finance and crypto-native firms. In Europe,
French banking giant Societe Generale has been granted a license by the country’s regulator that will allow
it to offer crypto custody services.
