Entering 2019, with the strong rebound of Bitcoin and the entry of traditional Internet giants, digital currency ushered in a new round of bull market. Due to the high investment amount and strict regulatory framework, institutional investors in traditional financial markets have higher requirements for the security and flexibility of digital currency storage and transfer , and the existing exchanges and wallets are “self-hosted”. Digital currency storage solutions have been unable to meet the needs of large institutional investors.
Therefore, digital money custodians similar to third-party custodians in the traditional industry have emerged, and more than 50 digital money custodians have been born in the past year. However, due to the lack of regulatory framework and high compliance costs, digital money custodians in the market have not yet reached the expected level of credibility; and the occurrence of money-losing incidents has added to the doubts about the security of digital currency storage technology.
Based on the above market conditions, digital pass rating agency TokenInsight and Hong Kong listed company BC Group combined their respective advantages in the industry, jointly launched a voluntary participation in the autonomous organization digital currency custody alliance. The alliance aims to integrate the resources of the digital money escrow industry and increase the credibility of digital money custodians in the market, thereby increasing the influence of alliance members in the market.
- Institutional Admission Guide: Read the Digital Asset Hosting Panorama
- Fidelity is fully introducing digital asset custody and transaction services