Today’s financial institutions are obligated to keep up with the evolving cryptocurrency and Decentralized Finance (DeFi) markets due to the enormous wealth being created and demand from family offices, hedge funds, and newly minted millionaires and billionaires to manage these assets.
Major financial institutions such as Fidelity recently announced they have partnered with NYDIG while others have partnered with Prime Trust. Even the US Federal Reserve announced it is exploring a new central bank digital currency (CBDC) in light of the current market cap of $2 trillion dollars for cryptocurrencies.
In addition to the volatility of the market value for cryptocurrencies, new systems seem to be emerging and evolving on a daily basis. It’s almost impossible to keep track of the systems, protocols, and services that will have staying power, not to mention which ones are safe. That’s why it’s important to understand the particular needs of and risks to trust companies with crypto assets.
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