Report: Custody Enterprise in Crypto Market Stays at $447.9 Billion in 2022

PricewaterhouseCoopers (PwC) and wealth expertise platform Aspen Digital launched a joint report on the state of digital asset custody on July 11.

In keeping with the report, encrypted belongings will peak in November 2021, with a market worth of greater than $3 trillion. Nevertheless, the custody enterprise of the crypto market stays at $447.9 billion in 2022.

As of April 2023, the variety of internet hosting service suppliers is 120, that are divided into two classes: third-party service suppliers and self-hosting options. Together with the rise of curiosity in cryptocurrency staking as a result of merger of Ethereum, and the emergence of NFTs and metaverses, attracting institutional buyers.

In keeping with the report, the primary problem going through the custody business is safety as a result of lack of correct governance, danger administration and inner controls. One other problem for custodians lies within the space of insurance coverage insurance policies.

Self-custody options don’t present insurance coverage providers, and customers won’t be compensated for digital asset losses brought on by negligence.

In keeping with household workplace sources, a sound insurance coverage coverage is a crucial criterion for choosing a digital asset custody establishment.