### In a bold move to capitalize on the growing interest in cryptocurrencies, traditional financial companies on Wall Street are stepping into the digital realm by establishing or sponsoring new cryptocurrency exchange and custody platforms. These ventures aim to leverage their existing knowledge, reputations, and the current lack of regulatory oversight in the crypto industry.

Prominent financial institutions like Standard Chartered, Nomura, and Charles Schwab are leading the charge, investing in and developing distinct cryptocurrency enterprises. With this strategic move, Wall Street firms are banking on the hypothesis that fund managers will continue to show interest in crypto trading. Moreover, they believe that larger participants will opt for established counterparties with a history of traditional regulation.



While BNY Mellon and Fidelity have already launched their own crypto custody units, the Nasdaq eagerly awaits regulatory approval to enter the crypto market. These moves signify a shift towards broader acceptance of cryptocurrencies within the traditional financial landscape.



The emergence of these new cryptocurrency exchanges backed by legacy companies will introduce competition to established players like Coinbase and Binance, which also cater to institutional customers. 



To differentiate themselves, traditional finance firms plan to construct more transparent operations by separating exchanges from asset custody. This separation aims to minimize conflicts of interest and reduce risks, offering investors greater peace of mind.



As the financial world embraces digital transformation, the entry of Wall Street giants into the cryptocurrency domain heralds a new era of transparency and trust. The backing of traditional financial institutions brings credibility to the crypto market, instilling confidence in both institutional and retail investors alike. With increased competition and the promise of regulated operations, the future of cryptocurrency exchanges and custody platforms looks brighter than ever before.



In a bold move to capitalize on the growing interest in cryptocurrencies, traditional financial companies on Wall Street are stepping into the digital realm by establishing or sponsoring new cryptocurrency exchange and custody platforms. These ventures aim to leverage their existing knowledge, reputations, and the current lack of regulatory oversight in the crypto industry.

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