Nasdaq is betting its established reputation will help it secure a strong place in the world of crypto.

The 52–year-old exchange operator is waiting on approval from the New York Department of Financial Services by the end of June to begin offering custody to clients. Nasdaq announced its intention to move into crypto following the collapse of Three Arrows in July, and has been pushing ahead even with the slump in cryptocurrency prices and the subsequent bankruptcies of FTX, Voyager Digital, Celsius Network and more.

The turmoil led the company to reevaluate its decision to move into the space.

It's not an easy time to be seeking permission from regulators to operate in crypto. U.S. agencies have been consistently cracking down on crypto-related companies. Among some of the actions being taken, in February, the NYDFS ordered crypto infrastructure firm Paxos to stop issuing the stablecoin Binance USD. And last week, the U.S. Securities and Exchange Commission sent a Wells notice to Coinbase notifying the company of investigations into several offerings.