Sure, learning about fork and stake helps. As well as learning about kinds of blockchains. But there is one important thing that you must know before entering the cryptocurrency market, the custody service.
Bitcoin keeps on rising and blockchain is getting commercial gradually. So global financial companies are entering their market one after another. In line with this, the custody service showed up together.
Itis already a familiar concept to the stock market. It refers to acting as an agent for foreign investors for investment and management of local stocks. In other words, it is a service to manage and dispose of other people’s funds instead.
The differences between custody in the stock market and custody in the cryptocurrency market
Although the service was generally used in the stock market, as cryptocurrency emerged as an investment tool, customized services for it has also begun to emerge. ‘Encrypting Money Custody’ refers to storing and investing cryptocurrency for customers who want to invest in cryptocurrency such as institutional investors.
The global market has already begun to move. Global Big Four accounting firms such as EY, PwC, KPMG and Deloitte offer digital asset accounting services, and are also on the trend of creating investment advisory services.
In the stock market, if central banks were primarily responsible for custodial services, the exchange is actively offering customized services in cryptocurrency. CoinBase has been offering custody services since about a year ago, and ICE’s Bakkt, which recently started testing, is also planning to run custody services.
GoPax, South Korea’s cryptocurrency exchange, also released its custodyservice called DASK (Directory Asset Forecast). The service will safely store cryptocurrency seized from criminals by law enforcement agencies. But it is not yet available to the public. In addition to GoPax, the barriers to custodial services are to be lower in the future.