Examining the landscape of digital asset custody
Quick Take
- 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
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