Nasdaq Faces Staff Exits Amid Delays in Tokenized T-Bills Pivot, Sources Reveal

Nasdaq’s halted or abandoned cryptocurrency initiatives, including an unpublicized project to tokenize U.S. Treasury bills, have led to several members of its digital assets team exiting the company, according to sources close to the situation.

In July, Nasdaq revealed it would no longer pursue becoming a licensed custodian for digital assets, citing regulatory complications within the United States.

The company discreetly pivoted towards exploring the tokenization of T-bills, transforming U.S. debt into blockchain-based assets, according to insiders.

However, several members of Nasdaq’s crypto division have departed, moving on to organizations that are rapidly expanding within the crypto landscape. The exact number of departures and whether they were layoffs remains unclear. Sources indicate that some former team members have transitioned to firms advancing more aggressively in the digital asset space, while Nasdaq is methodically evaluating its role in supporting the industry.

Nasdaq has chosen not to comment on its tokenization strategy or the staffing changes.

The financial sector is experiencing a fervent push to develop blockchain-based counterparts of traditional assets. For instance, the asset management behemoth BlackRock has heavily invested in this direction through its BUIDL platform.