With extra establishments sharing an interest in exploring crypto, multinational financial services entity Nasdaq has reportedly commenced preparations for virtual asset custody offerings to institutional clients. 

Specifically, the firm has reportedly finalized the creation of a new group concentrating on virtual assets and will begin by providing Bitcoin (BTC) and Ether (ETH) custody services for institutions. 

The company additionally wecomed aboard Ira Auerbach, who previously took charge of prime broker services at crypto exchange Gemini, as the head of its new digital assets division.

Per the report, Auerbach shared a belief that the next wave of the financial revolution will be ld by institutional adoption. Per the executive, Nasdaq is the most appropriate platform to offer trust to the market.

In May, Nasdaq reportedly forged an alliance with Brazilian entity XP to form a digital asset exchange dubbed “XTAGE”. Roland Chai, an executive at Nasdaq, revealed that the collabration with XP would offer new opportunities to investors and other companies. 

Per XP, the exchange is scheduled to be introduced this year.

BitMEX CEO Alexander Höptner reportedly casted a prediction that after the Ethereum Merge – when the network transitioned to a proof-of-stake consensus – institutions would adop a more open attitude towards making investments in crypto, as firms are having worries with efficiency and environmental development. 

“I’m absolutely sure that this will further push for institutional adoption and also mass market adoption,” he said.

Henrik Andersson, an executive at the fund manager Apollo Capital, additionally remarked that institutions would soon pull a U-turn when it comes to their hands-off attitude for crypto. The executive underscored that there will be a time when people will not want to miss out and that it will become a “career risk not to be invested.”