Global Cryptocurrency Custody Software Market Insights, Forecast to 2028

Cryptocurrency Custody Software Market 

The global Cryptocurrency Custody Software market size is projected to reach US$ million by 2028, from US$ million in 2021, at a CAGR of % during 2022-2028.

Third-party suppliers of storage and security services for cryptocurrencies are known as bitcoin custody solutions. Their services are primarily intended for institutional investors who possess significant quantities of bitcoin or other cryptocurrencies, such as hedge funds.

The main drivers of the growth of the cryptocurrency custody software market include an increase in the rate of digitization, particularly in developing economies, growing adoption of cloud services by small and medium-sized businesses, the rising deployment of distributed ledger technology, and an increase in the rate of adoption by the banking, financial services, and insurance (BFSI) sector.

Trends Influencing the Growth of the Cryptocurrency Custody Software Market 

Growing demand for and adoption of cryptocurrencies across industries, particularly in the newer ones, will act as a primary Cryptocurrency Custody Software market growth driver. Rising use of new and cutting-edge technology, particularly in developing economies, increased knowledge of the advantages of cryptocurrency custody software, and strengthening of the IT sector in developing nations like China and India will all contribute to the market's continued expansion. Other reasons supporting the market's expansion include the growing acceptability and popularity of digital currencies, the rapid uptake of high-speed internet, the rise of privacy and security concerns, and the expansion of big businesses' R&D capabilities. 

The protection of cryptocurrency assets is the primary benefit of custody solutions. Private keys are a complicated combination of alphanumerics that are used to carry out transactions or access cryptographic assets. They are very hard to memorize and vulnerable to theft and hacking. Online wallets could be an answer, but they have also been shown to be vulnerable to attacks. Exchanges for cryptocurrencies are no different. This factor is expected to drive the growth of the Cryptocurrency Custody Software market. 

Regulation is a key factor in the growth of the Cryptocurrency Custody Software market. The Dodd-Frank Act prompted the SEC to issue regulations requiring institutional investors with customer assets worth more than $150,000 to keep their holdings with a qualified custodian. According to the SEC, these entities include registered broker-dealers, banks, and savings and loan associations. Foreign financial institutions and futures commission merchants are also covered by this definition.

Cryptocurrency Custody Software Market Share

Due to the significant presence of key players, the prevalence of cutting-edge IT infrastructure, and the high rate of adoption by different industries in countries in the region, North America currently dominates the market for cryptocurrency custody software and will continue to flourish its trend of dominance during the forecast period. 

Throughout the forecast period, Asia-Pacific will continue to experience significant gains and record the greatest growth rate. This is a result of the accelerating rate of economic digitization and the surge in expenditures in this region's IT infrastructure.

By Type

• Paas
• API

By Application

• Personal Use
• Large Enterprises
• SMEs
• Other

By Company

• BitGo
• Coinbase
• Velona
• Ambisafe
• Kingdom Trust
• io
• Fidelity Digital Assets
• Ledger SAS
• itBit
• Swiss Crypto Vault
• Base Zero
• Gemini

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA