Asian Investors clearly focus on third party crypto services, a recent report by PwC suggests.
A collaborative research on digital asset custody was launched today by Aspen Digital, a digital asset management company, and PriceWaterhouseCoopers (PwC), one of the top four accounting and consulting firms in the world.
The report states that the Asian family offices, ultra-wealthy people, and wealth management companies have exhibited increasing interest for institutional-grade digital asset custody solutions.
Digital assets have developed into an alternative asset class and a US$1.2 trillion market over the last ten years, with more than 120 custody providers as of April 2023.
Despite the fact that self-custody solutions give institutions complete control and access over their digital assets, a survey reveals that more institutional investors are becoming aware of the solutions’ shortcomings in light of their ongoing trading and operational requirements. Instead, a lot of organizations favor external providers of detention services.
PwC’s Duncan Fitzgerald, Co-Leader of Digital Assets & Web3, offered his opinion on the significance of safeguarding assets in the digital sphere.
“A crucial requirement is that assets be kept safe and kept apart from client service providers’ own (home) assets. This has been the case for many years in the traditional securities sector, therefore I’m glad to see that the ecosystem for digital assets now offers respectable possibilities.”
On August 14, 2023, a panel discussion will be held to further explore the custody options for institutional investors’ digital assets in light of the joint report Aspen Digital and PwC produced.