Members of the digital assets team at Nasdaq have left the exchange giant due to cryptocurrency projects that have been shelved or cancelled, according to three sources familiar with the situation. One of these projects was an unreported effort to tokenize U.S. Treasury bills.
Nasdaq cited regulatory uncertainty in the US as the reason it would cease attempting to become a licensed custodian of crypto or digital assets in July.
Someone with knowledge of the situation said that it has subtly entered the unexpectedly popular area of tokenizing Treasury bills, which involves making digital representations of U.S. debt using blockchain technology.
However, sources close to the matter have revealed that a few members of Nasdaq Crypto are no longer employed by the firm. The number of remaining employees and the extent of layoffs are both unknown. According to ONE source, some of these individuals are hopping on board with crypto companies that are expanding at a quicker rate than Nasdaq, which is deliberately dragging its feet in determining how to back the industry.
When asked about its plans for tokenization and layoffs, Nasdaq remained mum.
The development of blockchain-based replacements for conventional financial assets is presently undergoing an exciting surge. The BUIDL platform, developed by asset management behemoth BlackRock, is one example of how this trend has been supported.