Welcome to the second edition of the Digital Asset Custody Guide (DACG). As promised in the inaugural issue, Future of Finance continues to monitor developments in the delivery, technology support, regulation and legal treatment of digital asset custody, and to map both new entrants and the process of consolidation that is now under way.

We maintain our thesis that in the long run mainstream (or traditional) finance will come to dominate the sector, with the turning point likely to occur as tokenisation of some combination of securities, funds, privately managed assets, real estate and physical commodities takes off into self-sustaining growth. For now, however, most assets in digital custody are still cryptocurrencies, and they remain largely in custody with purely cryptocurrency custodians. Digital asset custodians originating in mainstream finance are as yet immature.