The second-largest U.S. stock market operator, Nasdaq, is launching a cryptocurrency custody service as it aims to cash in on demand from institutional clients looking to invest in the cryptocurrency space.

Leading cryptocurrency exchange Binance has made its stablecoin, BinanceUSD (BUSD), available on two additional blockchains: Avalanche and Polygon. The stablecoin was previously only available on Ethereum and the BNB Chain.

Nasdaq-listed business intelligence firm MicroStrategy has added an additional 301 bitcoin worth around $6 million to its balance sheet. The company’s founder and former CEO, Michael Saylor, shared the move on Twitter.

Top stories in the Crypto Roundup today:

• Nasdaq Launches Crypto Custody Service for Institutions
• Binance’s BUSD Stablecoin Rolls Out to Polygon, Avalanche
• MicroStrategy Adds $6 Million in Bitcoin to its Balance Sheet
• Bitcoin Trading into BUSD Rose Nearly 400% Year-to-Date

Nasdaq Launches Crypto Custody Service for Institutions

The second-largest U.S. stock market operator, Nasdaq, is launching a cryptocurrency custody service as it aims to cash in on demand from institutional clients looking to invest in the cryptocurrency space.

The company has hired Ira Auerbach, who previously ran prime brokerage services at cryptocurrency exchange Gemini, as the head of its digital assets unit.

Nasdaq’s move follows BlackRock, the world’s largest asset manager, saying it will offer cryptocurrencies to its institutional clients, and Depository Trust & Clearing Corp., the organization that processes almost all U.S. stock market trades, releasing its own blockchain in a bid to speed up trade settlement.

Auerbach said that Nasdaq is open to working with crypto-native firms, although there are no acquisition plans in the short term.

Binance’s BUSD Stablecoin Rolls Out to Polygon, Avalanche

Leading cryptocurrency exchange Biancne has made its stablecoin, BinanceUSD (BUSD), available on two additional blockchains: Avalanche and Polygon. The stablecoin was previously only available on Ethereum and the BNB Chain.

Each BUSD token is backed by one U.S. dollar, according to Binance and the stablecoin’s issuer Paxos. The move comes after the stablecoin’s market capitalization reached $20.9 billion, and after the Ethereum network underwent its Merge upgrade. The Merge lowered Ethereum’s energy consumption, and opened the door for new upgrades that will help it scale.

Binance announced earlier this month it announced it will start converting existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP), and True USD (TUSD) into its own stablecoin.

The conversion is scheduled to begin on September 29 and essentially means Binance will stop supporting several major stablecoins JPMorgan has said the move will benefit Tether, as it will increase the cryptocurrency’s importance in crypto trading.

MicroStrategy Adds $6 Million in Bitcoin to its Balance Sheet

Nasdaq-listed business intelligence firm MicroStrategy has added an additional 301 bitcoin worth around $6 million to its balance sheet. The company’s founder and former CEO, Michael Saylor, shared the move on Twitter.

This is MicroStrategy’s first purchase since June, when it bought 480 BTC worth around $10 million at the time. The company and its subsidiaries now own around 130,000 bitcoins, with an aggregate purchase price of around $3.98 billion.

The company has recently revealed it wants to sell up to $500 million in Class A common stock to buy more BTC.

Bitcoin Trading into BUSD Rose Nearly 400% Year-to-Date

Bitcoin trading into Binance’s stablecoin BinanceUSD has risen by nearly 400% year-to-date after rising 0.44% in the month of August to 2.14 million bitcoin in trading volume, as the leading cryptocurrency exchange’s stablecoin sees its importance rise.

As detailed on CryptoCompare’s August 2022 Exchange Review report, year-to-date BTC/BUSD trading volumes have risen a whopping 394% to a new all-time high, while USDC and TUSD have seen their trading volumes decline 11.4% and 63%, respectively.

Bitcoin trading into Tether’s USDT stablecoin rose 15.4% to 10.1 million BTC in August, as trading volatility returned to the markets. This is the highest volume recorded for BTC/USDT since June 2020, with USDT’s market share of BTC trading into fiat or stablecoin rising to 66.4%.

 

State of the Crypto by Top Tier Exchange Volume

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