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Cryptocurrency custody providers are companies or platforms that offer services to securely store, safeguard, and manage cryptocurrencies on behalf of their clients.
The role of a crypto custody service provider is becoming increasingly important as the adoption of cryptocurrencies continues to grow and as the value of crypto held by individuals or institutions increases significantly. A very important benefit of this platform is that it helps asset owners, especially big investors, overcome the problem or the burden of keeping track of private keys.
Below, we shall look into some top suggestions for cryptocurrency custodians to suit your investment requirements.
2023 Ranking for Best Cryptocurrency Custodian
BitGo
Bitgo was founded in 2013 and has since been a top dog or leader among platforms or companies offering crypto custody services. The company is certified and has over 100 digital assets under its management. It offers configurable multi-user accounts and cold wallet storage services.
The company is under the official control of the South Dakota Banking Division. The platform mainly provides cold wallet custodial services, along with isolated accounts for maximum protection. Moreover, with the service of third-party audits, they ensure that the platform remains at the top of the rankings. (BMJ Score:4.5)
Gemini
This company is based in New York, and it is well known for crypto exchange and custodial services. The custody project was formally known as Vo1t but was later rebranded Genesis Custody after being acquired by Genesis Group.
The platform employs a highly advanced encryption layer and distributes its clients’ private keys according to their geographical location to ensure a high level of private security.
Apart from these services, Genesis also operates digital markets as well as a prosperous primary brokerage for digital currencies. Genesis regularly manages billions of dollars worth of swaps, borrowings, and exchanges of cryptocurrencies. It offers storage in a completely regulated environment, as well as a low-cost custody solution for Bitcoin, ether, Litecoin, Zcash, and Bitcoin Cash. (BMJ Rating 4.0).
Cobo
Cobo was created with top institutions that purchase and sell significant sums of cryptocurrency in mind due to its exclusive emphasis on the cryptocurrency market.
Like every platform on the list, Cobo offers crypto wallet services, but what makes it unique is its staking platform, where coins earn interest.
Cobo was established in 2017 by crypto enthusiasts Changhao Jiang and Discus Fish, who provide unusually high-interest rates to entice users to deposit more money on the platform.
Software-as-a-service (SaaS) is another service offered by Cobo to businesses, which helps them set up their wallet or Decentralized Finance platforms. More than 1,600 coins are supported by Cobo over 11 exchange platforms and 60 blockchain networks. (BMJ Score: 3.5)
Fireblocks
Fireblock was created in 2018 to render service to institutional and business clients. It provides a high-security platform for the custody of crypto assets. It offers a centralized platform for securely receiving, sending, and distributing digital assets.
Biometric verification, multi-party approval workflows, and hot and cold wallet solutions are just a few of the multilayered security features offered by Fireblocks. It also provides up to $30 million in insurance coverage (BMJ Score: 3.5)
Coinbase Custody
This San Francisco-based company was created in 2012 to offer highly advanced security for cold wallets and digital money. This company is a subsidiary of Conbase, which was the leading Bitcoin exchange platform of those days. Therefore, the company subjects its technology to frequent, standardized auditing operations. Coinbase custodial users have the opportunity to stake their digital money from their offline wallets to generate yield (or interest). (BMJ Score:3.0)
Etana
Etana was developed by Brandon Russell in Denver, Colorado, in 2014. These days, its services are available anywhere in the world. To use the site for a wide range of custodial services, one can sign up for free in more than 100 different nations.
In addition to making these assets accessible to each partner of Etana where a customer holds an account, Etana facilitates the custody of fiat and digital currencies (such as Bitcoin and the US dollar).
With Etana, all assets are housed in a sub-custodian wallet that is integrated with several SOC-compliant, insured bank accounts. The transfer of funds between a bank account and wallet is easy, and most of the time there are no conversion fees. (BMJ Score:3.0)
Kingdom Trust
One of the top independent, licensed custodians of alternative assets is Kingdom Trust. It offers both private and institutional investors cutting-edge escrow and custodial services. The business provides international services. The business provides international services for self-directed IRAs, single-member LLCs, family offices, sponsors, consulting firms, private equity funds, and other investment platforms. It also provides these services to 401(k) plan owners on their own.
Kingdom Trust has a long history of being a trustworthy financial custodian, managing anything from pension funds to precious metals. Additionally, the platform’s operations have grown to include professional custodial services.
Kingdom Trust offers digital custodial services to hedge funds, banks, family offices, and RIAs that wish to invest in digital assets but do not want to keep them themselves, using its expertise as an institutional custodian. In addition, to further safeguard its clients, Kingdom Trust insures all of its assets. (BMJ 3.0)
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