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Buy, Sell, Earn & Store Cryptocurrency- Who Services Who?

The Crypto Landscape


­čöÁ What Is Going On?

As the cryptocurrency market grows, so does the value of crypto assets. Their rise in price also comes hand-in-hand with the demand for safe and secure storage options as they become attractive targets for hackers and theft.

In the height of recent events, such as the ~$196million BitMart exchange hack, and $97 million Liquid exchange hack, the importance of storage remains an ongoing concern for the industry.

­čôŹ In 2021, 20% of all existing #bitcoins appear to be in lost wallets. Worth $205.8 billion as of December 2021.

­čôŹ 47 cryptocurrency exchanges have suffered major hacks This has resulted in a total of $2.95 billion in funds stolen from customers.

­čôŹ POLY NETWORK lost $600 million after hackers exploited one of their smart contracts.

­čöÁ On The Rise

­čôŹ Genesis Custody has seen a 47% increase in the number of customers onboarded in Q2-Q3 2021.

­čôŹ Ledger Enterprise reported an increase of 60% in customer count and x10 in secured assets.

­čôŹ BitGo’s AuC is now valued at $64 billion. A 492% increase since December 2020.

­čôŹ Coinbase, PayPal, Genesis and Gemini have all acquired crypto custody infrastructure companies to enhance their security for crypto assets and offer new services.

­čôŹ Fireblocks reported a 350% increase in revenue in 2021 VS 2020, and at the same time saw an increase of 1900% in AuM.

­čöąFunding in the custody space. It clearly shows that there has been a huge uptick in the deployment of capital in 2021, just touching ~$4.5 billion. This accounts for approximately 20% of the funding that has entered the blockchain industry in 2021‘

­čöÁ How Secure Is Custody?

­čîčA custodian may have crime insurance to cover only assets “in-flight”, focusing on hot wallet holdings over cold storage. Another may have specific insurance that covers assets “at rest” in cold storage, but this doesn’t cover third party hacks, or losses due to compromised key generation or transaction processes. In other words, when a custodian forces a trade-off between security and usability, the insurance reflects that risk variation. ­čîč

– Anchorage Digital


­čöÁ WHO SERVICES WHO IN THE CUSTODY BUSINESS?

The crypto custody landscape and which service providers are targeting which type of customer. can still be confusing as a number of services overlap. Either they operate in conjunction with one or several service providers, due to interoperable dependencies such as third party tech getting a regulatory licence.

SEE PIC & Learn More in the report.

#blockchain #cryptocurrency #technology #cybersecurity

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