Ira Auerbach, a former employee of Gemini, has apparently been appointed to oversee the company’s newly formed digital assets business.

According to reports, Nasdaq, a global provider of financial services, has begun making plans to provide institutional clients with custody services for digital assets as more organizations show interest in experimenting with cryptocurrencies.

According to a Bloomberg article, the corporation has established a new division devoted to digital assets and will initially provide institutions with custody services for Bitcoin (BTC) and Ether (ETH). Ira Auerbach, who previously oversaw prime broker services at cryptocurrency exchange Gemini, was also hired by the company to lead its brand-new digital assets section.

Auerbach indicates in the study his opinion that institutional adoption will lead to the next phase of the financial revolution. The executive claimed that Nasdaq is the best venue for fostering market trust. In order to establish the digital asset exchange known as XTAGE, Nasdaq teamed up with the Brazilian company XP in May. According to Nasdaq chief Roland Chai, the collaboration with XP will open up new prospects for investors and other businesses. The exchange is expected to open in 2022, according to XP.

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