This week’s Crypto Biz explores Kraken’s stablecoin plans in Europe, the departure of Grayscale’s CEO, Prometheum’s Ether custody service that treats ETH as a security, and more.
Custody of digital assets has become an increasingly popular business, particularly since the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.
The latest companies seeking to safeguard assets for institutional investors include Taurus and Fireblocks. While Taurus announced opening an office in Canada in response to a demand for custody and tokenization, Fireblocks is awaiting regulatory approval for a limited-purpose trust company regulated by the New York Department of Financial Services.
Ripple foresees the institutional crypto custody market could reach nearly $10 trillion by 2030.
