Nasdaq, After Pivoting Crypto Ambitions to Tokenized T-bills, Sees Staffers Exit Amid Delays: Sources
Summary
Nasdaq has halted or cancelled several cryptocurrency projects, including an unreported initiative to tokenize U.S. Treasury bills. This has resulted in members of Nasdaq's digital assets team leaving the company. In July, Nasdaq announced it would stop trying to become a licensed custodian of crypto or digital assets due to regulatory uncertainty in the U.S. The company then shifted its focus to tokenizing T-bills, creating blockchain-based versions of U.S. debt. However, the number of team members who left and the extent of layoffs involved is unclear. Some have joined companies that are expanding more rapidly into crypto. Nasdaq declined to comment on its tokenization plans or staff departures.
