In a Nov. 24 research report, Nikolaos Panigirtzoglou, the bank's top digital asset strategist, predicted that the bankruptcy of the world's second-largest cryptocurrency exchange would lead to both a tougher regulatory climate and a shift by institutional investors into regulated exchanges like CME Group, which he said will likely emerge "as a winner."
That same dynamic will apply to the crypto custody business at both the retail and institutional level, Panigirtzoglou's report said.providers Ledger and Trezor are seeing "exponential" sales growth since FTX went belly-up, "the main beneficiaries of the FTX collapse are institutional crypto custodians with large balance sheets and established reputation," he predicted.
Among the big traditional finance, or TradFi, names that jumped into crypto custody this year are Bank of New York Mellon and Fidelity Digital Assets, while others have partnered with crypto-native custody firms — like State Street's March deal with London-based digital custodian Copper.co.
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