Bloomberg: Wall Street is optimistic about the potential opportunities in the crypto custody sector

PANews reported on September 15 that according to Bloomberg, Hadley Stern, chief business officer of Solana custody tool Marinade, said that the custody cost in the crypto field is 10 times that of protecting traditional assets such as securities and cash, making it a potential growth area that attracts startups, Wall Street banks and other companies seeking to enter digital assets. Stern previously worked at Bank of New York Mellon for digital asset custody. So far, crypto-native companies such as Coinbase Global Inc. and BitGo Inc. have been the dominant service providers, while traditional financial companies are mostly in holding mode due to concerns about regulatory uncertainty surrounding digital assets. Although the current custody market size is only around $300 million, the business remains attractive, with companies such as Fireblocks Inc. estimating that the industry is growing at an annual rate of about 30%. Head custody banks BNY Mellon, State Street Corp. and Citigroup Inc. have made initial forays into cryptocurrency custody or have expressed interest.