{"id":54253,"date":"2023-07-11T05:58:56","date_gmt":"2023-07-11T09:58:56","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=54253"},"modified":"2023-07-11T05:58:59","modified_gmt":"2023-07-11T09:58:59","slug":"research-shows-crypto-custody-market-reached-448b-in-2022","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/research-shows-crypto-custody-market-reached-448b-in-2022\/","title":{"rendered":"Research Shows Crypto Custody Market Reached $448B in 2022"},"content":{"rendered":"\n

According to recent research, in 2022, the custody part of the digital asset industry reached a height of $447.9 billion in valuation, citing a rise of interest in crypto staking<\/a> and NFTs as the major cause for the increase.\u00a0<\/p>\n\n\n\n

\"Research
Research Shows Crypto Custody Market Reached $448B in 2022<\/figcaption><\/figure>\n\n\n\n

PricewaterhouseCoopers (PwC) and wealth technology platform Aspen Digital conducted a joint report on the condition of digital asset custody and cited these numbers. The document of 39 pages was released on July 11.<\/p>\n\n\n\n

As of April 2023, the report categorizes 120 custody service providers into two broad categories: third-party and self-custody solutions. <\/p>\n\n\n\n

The report identifies a rise in interest in crypto staking due to the Ethereum Merge<\/a>, the emergence of nonfungible tokens (NFTs), and the metaverse, which have attracted institutional investors.<\/p>\n\n\n\n

According to the report, security is the greatest obstacle for the custody industry. The failure of FTX in 2022 demonstrates a need for appropriate governance, risk management, and internal controls.<\/p>\n\n\n\n

\n

\u201cInstitutions are increasingly looking to safeguard their assets through self-custody solutions or reputable digital asset custodians, rather than simply holding them with exchange platforms.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

A further difficulty for custodians involves insurance coverage. Self-custody solutions do not offer insurance policies, and users are not compensated for negligently lost digital assets<\/a>. <\/p>\n\n\n\n

According to family office sources cited in the report, solid insurance policies are essential for selecting digital asset custodians.<\/p>\n\n\n\n

The report proposes to investors a five-step strategy for selecting a custody service provider, including market mapping, creating a grading system, performance evaluation, and other preliminary procedures.<\/p>\n\n\n\n

The Canadian financial authority issued guidance earlier this month to assist fund administrators in complying with legal requirements for investment funds holding crypto assets. <\/p>\n\n\n\n

In addition, it has affirmed its confidence in the regulated futures market\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> for cryptocurrencies, which it claims “promotes greater price discovery.”<\/p>\n","protected":false},"excerpt":{"rendered":"

According to recent research, in 2022, the custody part of the digital asset industry reached a height of $447.9 billion in valuation, citing a rise of interest in crypto staking and NFTs as the major cause for the increase.\u00a0 PricewaterhouseCoopers (PwC) and wealth technology platform Aspen Digital conducted a joint report on the condition of […]<\/p>\n","protected":false},"author":12,"featured_media":4683,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1526],"class_list":["post-54253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-digital-assets"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/06\/Iran-gives-permission-to-30-firms-to-mine-cryptocurrencies.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=54253"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54253\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/4683"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=54253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=54253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=54253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}