Nasdaq's foray into the cryptocurrency world seems to be facing some headwinds. Following the nixing of their crypto custody ambitions, the exchange giant shifted focus to tokenized U.S. Treasuries (T-bills). However, slow progress on this project has reportedly led to staff departures within the digital assets team, according to sources.
From Crypto Custody to Tokenized Treasuries: A Change in Course
Back in July, Nasdaq publicly announced the abandonment of its plans to become a licensed custodian for crypto assets, citing a lack of clarity in U.S. regulations. Sources close to the matter reveal a subsequent quiet pivot towards the recently popular field of tokenized T-bills – essentially creating digital representations of U.S. government debt on the blockchain.
Staff Departures: Leaving for Greener Pastures?
While the exact number of employees leaving the team remains unclear, reports suggest that some members are no longer with the company. Reasons for their departure reportedly include the slower pace of Nasdaq's crypto initiatives, with some ex-employees moving on to firms offering faster crypto adoption.
Tight-Lipped on Tokenization and Departures
Nasdaq has remained silent on both the tokenization project and the staff departures.
Tokenization: A Growing Trend
The trend of creating blockchain-based versions of traditional assets is gaining momentum. Financial giants like BlackRock are even entering the game with platforms like BUIDL, aimed at facilitating this digital transformation.
The Takeaway:
Nasdaq's crypto journey appears to be encountering some turbulence. Staff departures highlight potential frustration with the company's cautious approach to crypto adoption compared to other players in the field. It remains to be seen how Nasdaq will navigate these challenges and whether their tokenized T-bill project will come to fruition.
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Disclaimer: This article is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial professional before making any investment decisions.
Source: CoinDesk
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