Recently several institutions unveiled their plans for crypto, bringing new interest, capital and participants. Notably, we saw BlackRock file for permission to create a bitcoin ETF, which fired a bright signal flare to the rest of the financial world. As one of the world’s largest financial entities, dipping their toe into the waters of bitcoin is no small matter. It is a symbolic move that tells the rest of the market, “Bitcoin is here to stay.” Institutions such as this will ultimately have a need for regulated custody to secure the assets for these new market instruments. However, it is not easy to gloss over what has happened in the past 18 months.
