According to CNBC, institutional investors, who are accustomed to traditional bank storages, fail to secure their crypto holdings, which created a need for crypto custody service. It’s a huge burden for investors to manage all of their private keys by themselves, but there doesn’t seem to be a perfect solution on the market.
Meanwhile, a Blockchain security startup BitGo has recently become the first regulated crypto-oriented custodian after receiving a state trust company charter from the South Dakota Division of Banking. As U.Today reported earlier, banking behemoths in the likes of Goldman Sachs and Northern Trust are also mulling over launching their own custodial services.
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Arman Shirinyan
