Nasdaq Seeks to Build Crypto Into Wall Street’s Market Plumbing

The operators of Wall Street’s oldest exchanges are racing to wire crypto infrastructure into the traditional financial system, betting that the two markets are headed toward a round-the-clock ecosystem.

Nasdaq Inc. is deepening that bet, partnering with digital-asset technology firm Talos to connect crypto trading and risk-management tools with the same platforms that banks and brokers use to manage collateral and surveillance across stocks and bonds.

Through the partnership, Talos’ clients, which range from hedge funds to retail brokers, will gain access to Nasdaq’s Calypso platform that’s used by traditional financial services firms to manage risk, margin, and collateral requirements, ...