7 leading crypto custody solutions for corporate clients

Security failures have shaped the crypto industry for more than a decade, making reliable crypto custody solutions essential for businesses managing large digital asset holdings.

The crypto sector is, unfortunately, infamous for its security failures. From the Mt.Gox attack in 2014 to the Ronin network attack in 2022, the industry has perpetually been in a state of distrust, and for good reason.

This is where crypto custody solutions enter the picture. Crypto custody solutions are organizations that provide crypto storage services for businesses with large cryptocurrency holdings. They are responsible for the safety of customers’ assets, which means that choosing a good provider should be a top priority for crypto businesses.

But how does a business choose the best crypto custody solution provider? The key criteria to consider when evaluating custody providers include the security model, audit certifications, regulatory status and geography, liquidity access and settlement speed, and cost structure and operational overhead.

Today, we are reviewing some of the top crypto custody solutions for corporate clients in the market today.

ChangeNOW

Serving the public since 2017, ChangeNOW is a popular crypto exchange platform that has gained traction for its exceptional business suite: ChangeNOW For Business. 

ChangeNOW For Business is a standout player in the market with its ever-growing list of blockchain solutions curated for both SMEs and large corporate clients. Its services come with built-in profit models and flexible fee structures. Clients can earn a cut from every transaction on the platform, starting at 0.4%. Plus, ChangeNOW’s customers get to customize commissions based on the asset, trading pair, or the size of the swap.

In addition, businesses can earn up to 25% through ChangeNOW’s crypto partner program, which already supports over 1,000 active affiliates, delivers an average monthly reward of $5,853, and has paid out more than $12.17 million to date. 

With support for more than 1,500 assets across 110+ networks and over 70 fiat currencies, plus millions of monthly transactions, ChangeNOW For Business delivers a comprehensive set of tools including its Crypto Exchange API, Exchange Widget, and White Label products such as the White Label Crypto Wallet, White Label Crypto Exchange, and White Label Telegram Bot. And now, ChangeNOW’s crypto custody solution NOW Custody is another trusted addition to its toolbox. 

NOW Custody is a custodial crypto asset management service that offers a range of services through its API and website. The platform provides its customers secure storage, supports a long list of digital assets, follows compliant practices, and enables fast trading and transfers, all in one service.

With smart security executed to the highest financial industry standards, NOW Custody stands out in its commitment to protection. What’s unique about the platform’s security is that it is embedded in all stages of the software development lifecycle (SDLC). All data is encrypted at rest and in transit. 

Additionally, NOW Custody processes are aligned with SOC-2 and ISO 27001 best practices. 100% of user funds are stored in a cold storage. Moreover, all the services have georeserve and backup. It also has continuous service SLA monitoring and all providers are certified by security standards. Critical infrastructure elements are hosted on state-of-the-art AWS infrastructure. 

Another aspect that ChangeNOW does not compromise on is its customer service. Clients will receive personal manager assistance for all their concerns. NOW Custody’s business development team is always at the service of its customers and is available round the clock.

Fireblocks 

Fireblocks is a digital asset security platform that helps financial institutions protect digital assets from theft or hackers by using breakthrough MPC and patent-pending chip isolation technology to secure private keys, API credentials and eliminate the need for deposit addresses.

Motivated by the after-effects of the Lazarus hack in 2017, Fireblocks was launched in 2018 by the task force that investigated this massive cyber breach. It is today the leading MPC-based wallet and platform used by banks, asset managers, and crypto service providers.

Fireblocks is especially preferred by corporate clients for its secure multi-party computation signing, support for corporate treasury, trading desks, internal policy controls and wide integration via APIs.

Coinbase Prime

Coinbase needs no introduction. An established player in the market, Coinbase launched Coinbase Prime in 2021. It is now a regulated U.S. financial custodian serving large institutions and public companies. Coinbase Prime’s Vault storage combines physical security, consensus computation, and strict process controls into one solution.

The platform’s systems and processes are regularly audited. Coinbase Custody maintains SOC 1 Type II and SOC 2 Type II audits by Deloitte & Touche. Coinbase Prime’s key generation and cold-storage technology are derived from over 12 years of in-house development.

Clients can access 470+ assets, with more being added regularly. Customers can also earn rewards without removing digital assets from Vault storage. Coinbase Prime’s highlight features are its cold storage custody, robust reporting and compliance tools and access to Coinbase institutional liquidity.

BitGo

One of the earliest institutional crypto custodians with SOC-certified services, BitGo’s biggest attraction is its local expertise. Introduced in 2013, Bit in Go’s qualified custody offering meets the rigorous standards and regional requirements across North America, Europe, Middle East, North Africa, and APAC. Clients get insured, regulated, qualified custody, with the keys to their digital assets held offline in cold storage.

BitGo’s key advantages include its multisig wallet security and optional insurance coverage on stored assets. The platform is widely used by exchanges, funds, and OTC desks.

Anchorage Digital 

Launched in 2017, Anchorage is the first U.S. federally chartered digital asset bank. The platform’s clients can safely participate in digital asset markets from custody to trading, staking, and governance. Anchorage Digital Bank meets the same compliance and reliability standards as other national banks.

Corporate clients especially benefit from Anchorage’s SEC-compliant custody infrastructure and its governance, reporting, and regulated asset handling. It is best suited for enterprises prioritizing regulatory clarity over all else. But Anchorage’s benefits aren’t limited to just regulation. Anchorage offers a unified platform with comprehensive services for cash and crypto, seamless on-and-offramps, and institutional-grade security. 

Moreover, clients can oversee assets through a single integrated interface that blends institutional-grade crypto services with USD capabilities. Customers can also transfer or receive USD into their Anchorage Digital account to manage payments, expenses, and investments.

Ledger Enterprise 

Ledger Enterprise is the enterprise extension of Ledger hardware technology for institutional asset management. Built on Hardware Security Modules (HSM), a proven banking technology, the platform’s SOC 2 Type II solution offers global compliance. This feature allows its clients to operate worldwide and pass top-tier audits. Ledger Enterprise provides control with 100% self-custody. 

Ledger also eliminates transaction fees and its solutions offer predictable forecasting, with no variable charges, and the process requires no technical knowledge. Clients can also enable secure distributed API approval models to protect against API targeted hacks. Ledger also provides VIP support for its clients. Companies that need on-premise and hardware-secured key control generally opt for Ledger, since it also reduces dependence on third-party custodians.

Gemini Custody

Launched in 2019, Gemini Custody is a regulated U.S. trust company offering high-compliance custody. Gemini Custody uses multi-party technology, role-based governance protocols, physical security, and multiple layers of biometric access controls to safeguard customer assets.

The platform offers robust security including strong encryption, hot and cold wallets, DDoS protection, MFA, and regular security audits. It also provides transparent and regular updates on key exchange metrics and compliance certifications. With SOC 1 & SOC 2 certified controls, insurance coverage and detailed reporting for institutions, Gemini is a top player in the market.

To sum it up

With more security demands amid the rapidly increasing cases of hacks, the demand for enterprise crypto custody continues to skyrocket. However, choosing the right crypto custody solution is a challenge, not because there aren’t good products in the market, but because there are too many. 

Our list today features a handful of the leading crypto custody solutions for corporate clients. Businesses now have access to solutions ranging from regulated cold storage to fully integrated exchange pipelines. But like all products for businesses, the right choice depends on the size of the company, regulatory environment it operates in, treasury requirements, and much more. But choosing the right custody provider makes all the difference for crypto businesses’ security.