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Custody of digital assets has seen approximately $1.3 billion in investment, with approximately $419 million allocated to pure crypto custody firms
Pure custody companies saw capital injections during bear market conditions following large swings in the price of Bitcoin. In 2014 and 2018, investment saw an increase of 7,404% and 1,300% YoY, respectively
With more custody suppliers than institutional demand, the market seems ripe for M&A transactions this year akin to Coinbase’s acquisition of Xapo’s Institutional service in 2019
Footnotes
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