Nasdaq is currently working out regulatory clearances in order to offer crypto custody services.

That’s according to a 24 March Bloomberg report.

The tech focused stock exchange could eventually offer a wider range of digital asset services, Senior Vice President and Head of Digital Assets Ira Auerbach said during an interview on the news outlet.

He said the custody service aimed to be active by the end of Q2 2023, with bitcoin and ethereum being the two initial cryptos involved.

The positive news for crypto comes as several banks that provided services such as custody and other services for firms, including Silvergate and Signature Bank, have failed as part of a larger banking crisis.

Nasdaq is in the process of securing a limited-purpose trust company charter for its new crypto section from the New York Department of Financial Services, Bloomberg noted.

Nasdaq initially signaled an ambition to custody digital assets in September of 2022, but now there is a concrete timetable and a clearer idea of its objectives.

A number of large financial investment firms including Fidelity, BNY Mellon and BlackRock have all entered cryptos over the past two years.