Next steps
“While there are a handful of ways that banks could enter the digital asset market, like building an end-to-end solution or acquiring existing providers, sub-custodial relationships with existing and trusted service providers could provide a superior alternative that allows for a quick and proven path to market to meet clients’ needs.”
The partnership between traditional banks and sub-custodians is an important one. For instance, Tapscott explained that while crypto asset custody is a big opportunity, it’s not without risk for banks. “Securely storing private keys can be the difference between a satisfied customer and money in the bank or a class action lawsuit and handcuffs. So, naturally, a lot of big banks prefer to partner with firms that already have that industry expertise,” he said.
Moreover, digital asset infrastructure providers are also helping bridge the gap between traditional banks and the world of crypto. For example, Fireblocks has partnered with BNY Mellon to enable its digital asset custody solution. Stephen Richards, vice president and head of product strategy and business solutions at Fireblocks, told Cointelegraph that BNY Mellon is using Fireblocks’ technology stack, along with other internal components, to enable customers to hold digital assets.
However, Woolley suggested that it may be possible to conceive of a world where regulated digital securities are transacted peer-to-peer with instant payment, transfer of ownership and settlement. “We believe that this is the type of decentralization that investors and society as a whole needs.”Concerns aside, the rising demand for digital assets from institutional investors will result in traditional financial institutions working hand-in-hand with crypto custodians and service providers.
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