Owing to the shortcomings in the existing space, there has been a steady increase in demand for specialized crypto custody service providers.
The growing adoption of cryptocurrencies presented a significant commercial potential for custodians.
From just around 50 in 2017, the number of regulated third-party custodians has soared to 100 at the time the report was published. In other words, they are not actually custodians, but rather enable customers to build their own self-custody solutions. Some well-known companies in this realm are Fireblocks, Ledger, and Qredo.
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