Custody Battle Pits Institutional Boomers Against Crypto Upstarts

[Paglamon]

Crypto custodians are in a race to build the next State Street or BNY Mellon.

There are only a handful of these types of large custody banks and most of them have been around for hundreds of years. But crypto is such a striking example of old world meeting new that it offers firms a rare opportunity to break into a market that would simply be impossible under normal circumstances.

“In the traditional world you can’t really build a custodian, it’s not something you can just break into,” said Diogo Monica, co-founder of Anchorage, a Silicon Valley-based custody platform specializing in crypto. “BNY Mellon has been around for 300 years and now, in crypto, we have a chance to actually build a foundational company that is potentially going to last for that long,” added Monica.
Source: https://www.coindesk.com/custody-battle-pits-institutional-boomers-against-crypto-upstarts