Gray investment (Grayscale Investments) The latest report of ” Re imagine the future of Finance “(Reimagining the Future of Finance) Define the digital economy as “ More and more from digital space 、 Experience and transaction to define the intersection of technology and Finance .”

Consider this , Many financial institutions are beginning to provide services that allow customers to obtain bitcoin and other digital assets , No wonder .

Especially last year , A large number of financial institutions have joined the support of encrypted asset custody . for example , Bank of New York Mellon (BNY Mellon) On 2021 year 2 Month announced , It plans to hold... On behalf of its clients as an asset management company 、 Transfer and issue bitcoin and other cryptocurrencies . Head of digital assets and advanced solutions at Bank of New York Mellon Michael Demissie tell Cointelegraph, By 2021 year 12 month 31 Japan , The Bank of New York Mellon holds 46.7 Trillions of dollars in assets , The scale of assets under management is 2.4 Trillions of dollars .

After the Bank of New York Mellon , Bilbao Biscay bank (BBVA) On 2021 year 6 Monthly representation , It will provide bitcoin trading and hosting services in Switzerland . And then last year 10 month , United Bank, the fifth largest retail bank in the United States, announced the launch of its cryptocurrency custody service for institutional investors .

Ninepoint Digital Asset Group The managing director Alex Tapscott tell Cointelegraph, since 2020 Since then , American banks have been scrambling to launch encrypted asset custody .“ Encrypted assets are a 2 Trillion dollar asset classes , Encrypted asset custody is a big business .”Tapscott Add , For many financial institutions , Last year was a turning point . He pointed out that ,2020 year 7 month 22 Japan , The OCC issued an open letter , Allow federal chartered banks to provide cryptocurrency custody services . therefore , Many traditional banks are 2021 In, it began to provide encrypted hosting services .

Next steps

Although it is worth noting , But it should be pointed out that , Traditional banks have begun to work closely with crypto custodians and sub custodians , Introduce digital asset custody .

Fidelity digital assets (Fidelity Digital Assets) Product Management Director Ramine Bigdeliazari tell Cointelegraph, In view of the growing demand of customers , Exploring encryption solutions through the custody relationship with digital asset service providers is naturally the next step of traditional financial institutions . He said :

“ Although banks can enter the digital asset market in a few ways , Such as building an end-to-end solution or acquiring existing providers , Sub hosting with existing and trusted service providers can provide a better choice , Allow a fast and reliable path to the market to meet customer needs .”

Bigdeliazari explains , Fidelity digital assets provides sub custody services to customer companies including banks , The bank in turn connects with customers .“ These collaborations demonstrate the potential of digital asset sub custody , Allow institutions to access other asset classes through the same interface and experience they use , Provide customers with access to digital assets , Without building any infrastructure .”

From another perspective , New York digital Investment Group (NYDIG) Is a sub custodian , Its cooperation with United Bank of America , For its “ Global fund services ” Customers provide bitcoin hosting solutions .

The cooperation between sub custodians of traditional banks is an important partnership . for example ,Tapscott explains , Although crypto asset hosting is a huge opportunity , But it's not without risks for banks . He said :“ Secure storage of private keys may be the difference between satisfied customers and funds in the bank , Or the difference between class action and handcuffs . therefore , Many large banks naturally prefer to cooperate with companies that already have expertise in this industry .”

It is true .NYDIG Chief Marketing Officer Kelly Brewster tell Cointelegraph, Although United Bank of America is NYDIG One of the most famous bank partners , But it is not the only partner . She said :“NYDIG Already with more than 35 A bank cooperates with a Credit Union , Push bitcoin to the public .”

Tapscott Express , Although sub custodians are helping traditional financial institutions participate in the digital asset ecosystem , But like Gemini and Coinbase Such crypto custodians also play an important role . for example ,Tapscott mention , He expects “ White label ” The solution will become the first choice for traditional banks seeking to develop their own encryption hosting products . He explained that the :“ The bank will eventually build its own brand of hosting solutions , Will be made by Gemini、Anchorage、BitGo Or some other mature encryption hosting institutions .”

Besides , Digital asset infrastructure providers are also helping to bridge the gap between traditional banks and the encrypted world . for example ,Fireblocks Cooperation has been reached with the Bank of New York Mellon , Digital asset hosting solutions .Fireblocks Vice president and head of product strategy and business solutions Stephen Richards tell Cointelegraph, Bank of New York Mellon is using Fireblocks Technology stack and other internal components , Enable customers to hold digital assets .

Demissie explains , Bank of New York Mellon is establishing its own digital asset custody platform , This is due to the bank's technology investment in this field . for example , The Bank of New York Mellon is in 2021 year 3 Month pair Fireblocks the C Round investment .

Demissie say :“ Our digital asset hosting platform is currently under development and testing , We plan to bring it to market this year , Waiting for regulatory approval ,” It added , Bank of New York Mellon is currently providing fund services for digital asset related products , These include the grayscale products of the world's largest digital asset management company .“ We also work for Canada 18 In an active cryptocurrency Fund 17 Provide services .”

Will big banks threaten the decentralization of cryptocurrencies ?

Demissie Think , Digital assets will continue to exist , Because he believes they are increasingly becoming part of the mainstream . He said :“ Our customers expect , As their trusted service provider , Bank of New York Mellon will expand our core services to this emerging asset class .” He said , Although the integration of digital assets into traditional finance may be a big step in the encryption ecosystem , But some people may want to know , Whether large banks will threaten the decentralized nature of encrypted assets .

Although this is a related concern , but Tapscott Pointed out that , Many institutions and retail holders of crypto assets prefer to keep their assets in custody .“ No matter what it is like Gemini Such an encrypted native custodian , Or a big bank , It doesn't matter . Your private key will be held by others .” However ,Tapscott Express , This concept does not prevent millions of other cryptocurrency holders from becoming their own banks , And store the cryptocurrency in the hardware wallet .

Market digitization company Ownera Head of business development Anthony Woolley Yes Cointelegraph Express , Regulation requires an entity without exception , Such as transfer agent , Be responsible for the ownership record of any securities , This further illustrates the problem . therefore ,Woolley It is considered that digital securities cannot be completely decentralized , At the same time, it meets the regulatory requirements .

However ,Woolley Think , We can imagine such a world , Regulated digital securities can be paid instantly 、 Transfer of ownership and settlement for point-to-point transactions .“ We think , This is the kind of decentralization that investors and society as a whole need .”

The bottom line : Banks must work with crypto custodians

Put aside these concerns , The demand of institutional investors for digital assets is rising , Will result in traditional financial institutions working with crypto custodians and service providers .

Former head of trading at global bank Citigroup Matt Zhang、Hivemind Capital Partners Our founders are accepting Cointelegraph The interview always says , Banks have to face a higher regulatory threshold when developing new products and services , Encrypted hosting is one of the most complex ,Hivemind Capital Partners It's a value 15 Billion dollar Multi Strategy Fund , To help “ Cryptocurrency investment institutionalization ”.

“ in other words , Customer needs exist , Therefore, banks need to find ways to cooperate with sub custodians , Package services in the short term , At the same time, develop a roadmap for internal development . Some banks must be ahead of others , But as an industry , Wall Street is now playing a catch-up game in entering encrypted hosting .”

stay Zhang It seems ,NYDIG Bitcoin released last year + The banking survey found that , Users and customers prefer to obtain bitcoin through the services provided by existing banks , These services meet existing quality and risk management standards .NYDIG The survey results also show that ,71% Bitcoin holders will turn their major banks to banks that provide bitcoin related products and services .Brewster say :“ Banks that are not prepared to provide these products and services may fall behind .”

More specifically ,Zhang Add , Overall speaking , He believes that many big banks will provide encrypted assets , Make this field competitive . therefore , He thinks that , The leading financial institutions will be those that can provide vertically integrated products .“ Think about trading 、 To loan 、 Custody and Banking , Not just independent hosting .”


Cointelegraph Chinese as a blockchain news and information platform , The information provided only represents the author's personal views , And Cointelegraph Chinese platform position has nothing to do with , And does not constitute any investment and financial advice . Please set up a correct concept of money and investment , Improve risk awareness .