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Nasdaq, After Pivoting Its Crypto Ambitions Toward Tokenized Treasuries, Sees Its Employees Exit Amid Delays: Sources
Blocked or canceled cryptocurrency projects at Nasdaq, including a previously undisclosed attempt to tokenize U.S. Treasury bonds, have led to members of the exchange giant’s digital assets team no longer working at the company, according to three people familiar with the matter. the company.
In the month of July, Nasdaq announced it would stop seeking to become a licensed custodian of cryptocurrencies or digital assets, blaming regulatory uncertainty in the United States
He quietly moved on suddenly hot area of tokenization of Treasury Bonds, or create blockchain-based versions of U.S. debt, according to a person familiar with the matter.
But some members of Nasdaq’s crypto team are no longer with the company, according to people familiar with the matter. It’s unclear how many left or to what extent the layoffs were involved. In some cases, they have joined companies that are expanding more rapidly in the cryptocurrency space, while Nasdaq is intentionally taking its time to decide how to support the sector, one person said.
Nasdaq declined to comment on its tokenization plans or staff departures.
There has been a breathless rush to create blockchain-based versions of traditional financial assets. For example, asset management giant BlackRock has thrown its weight behind the trend BUIDL platform.