Institutional crypto custodians raised more than $3 billion in 2021
December 26, 2021, 8:23AM EST
1 min read
Crypto custodial firms focused on the institutional market experienced a significant upswing in funding in 2021, according to The Block Research.
Such firms have raised more than $3 billion this year. As noted in The Block Research's 2022 Digital Asset Outlook Report, the rate of investments was more than three times higher than 2020.
With yesterday's announcement of @NYDIG_BTC 's $1B raise and today's announcement of @Anchorage 's $350M raise, total investments into institutional focused custody firms in 2021 are almost at $3.5B for the year, ~4.8x the amount raised in 2018 the previous record year. pic.twitter.com/HytcIXo2zc
As noted by The Block Research's Carlos Reyes and Greg Lim, such funding rounds are likely to carry implications for the digital asset industry moving into 2022.
"In 2022, the investments into digital asset custody are likely to bear fruit in the form of enhanced service offerings and continued innovation into the technologies that enable digital asset custody," they wrote. "The space will also continue to grow as traditional financial institutions such as BBVA, BNY Mellon, and U.S. Bank among others, enter or expand their digital asset offerings, including custody, either directly or by partnering with an existing custodian."
Read the full 2022 Digital Asset Outlook Report here.