Nasdaq Digital Asset team members leave due to project delays

Nasdaq's stalled or canceled cryptocurrency projects, including a previously unreported effort to tokenize U.S. treasury securities, have led to members of the exchange giant's digital asset team no longer working at the company, according to people familiar with the matter. Last July, Nasdaq announced it would stop trying to become a licensed custodian of cryptocurrencies or digital assets due to uncertainty in the U.S. regulatory environments.
Nasdaq has quietly pivoted into the suddenly hot field of tokenizing U.S. treasury securities or creating a blockchain-based version of U.S. debt, according to a person familiar with the matter. However, some of Nasdaq's cryptocurrency team members are no longer with the company. It is not clear how many people have left or to what extent the layoffs have been made. Sources suggest that some have joined companies that are expanding faster in the cryptocurrency space, while Nasdaq is intentionally taking the time to decide how to support the industry. Nasdaq declined to comment on its tokenization plans or employee departures.