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Crypto-asset custody provider landscape matrix — Japan + Global institutional custody 10 社 technology / regulation / customer comparison

Confidence: Likely Updated 2026-05-25 Review by 2026-11-25 Sources 8 Machine-translated Original (JA)
#exchanges#matrix#custody#institutional#mpc-custody#cold-storage
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TL;DR

The institutional crypto-asset custody market is differentiated along three axes: (1) technology model (cold storage / MPC / hybrid) × (2) license tier (Trust Charter / VASP / vendor only) × (3) customer segment (CEX / hedge fund / ETF issuer / SWF / pension). This matrix puts side by side the 10 社 that include the top 3 in Japan (Ginco / Komainu / Fireblocks Japan) + the top 4 US-affiliated (Coinbase Custody / Fidelity Digital / Anchorage / BitGo) + the Big-Bank-affiliated 2 社 (BNY Mellon Digital Asset / State Street) + Standard Custody / Custodiem, comparing them by technology / regulation / SLA / insurance / Japan license / asset coverage / billing model. For details, start from Japan Institutional Custody Three-Pillar Structure — Komainu / Ginco / Fireblocks Japan Comparison / Global institutional custody five pillars — Coinbase Custody / Fidelity / Anchorage / BitGo / Komainu.

Wiki route

This entry sits under exchanges index. It is the vendor-axis counterpart, a synthesis of Japan Institutional Custody Three-Pillar Structure — Komainu / Ginco / Fireblocks Japan Comparison and Global institutional custody five pillars — Coinbase Custody / Fidelity / Anchorage / BitGo / Komainu. For technology deep-dives, see CEX matching engine / wallet architecture and Domestic VASP Cold Storage 95% + Segregated Management Regime. For the regulatory boundary, see Domestic VASP security / audit / ISMS certification landscape / Global VASP regulatory 8 -pole comparison matrix — JP / KR / HK / SG / EU / US / UAE / UK. On the Big Bank side, Bny Mellon Japan / State Street Japan are the anchors.

Why this matrix matters

  • Crypto-asset custody is operated in a three-layer structure of “VASP self-custody,” “B2B vendor infrastructure,” and “Qualified Custodian.” VASP self-custody (bitFlyer / Coincheck / bitbank, etc.) is implemented through JVCEA self-regulation + in-house build; B2B vendors (Ginco / Fireblocks / Komainu Connect) provide infrastructure for VASPs / banks; Qualified Custodians (Coinbase Custody / Anchorage / BitGo / Komainu / Fidelity Digital) are entrusted by ETFs / pensions / SWFs.
  • US-affiliated ETF custody concentration: the entrusted custodians of US spot BTC ETFs such as BlackRock IBIT / Fidelity FBTC (approved 2024-01 ) are concentrated in Coinbase Custody / Fidelity Digital / BitGo / Anchorage. No spot BTC ETF has yet been approved in Japan (see Impact of US approval of Bitcoin spot ETFs on domestic CEXs (2024-01~)).
  • Since the 2024-05 DMM Bitcoin Lazarus hack (482 億円), the thoroughness of domestic VASPs’ cold-storage ratio of 95%+ (JVCEA self-regulation) was reinforced again. To suppress the hot-storage ratio, demand for B2B vendors’ MPC + HSM technology expanded.
  • The entry of Big-Bank-affiliated players (BNY Mellon Digital Asset Custody 2022-, State Street Digital 2021-) raised the floor of institutional trust and is putting in place the preconditions for crypto-asset allocation by pension funds / foundations / insurance companies.

Per-custodian sections

A. Japan B2B vendor top 3 (domestic VASP infrastructure supply)

A1. Ginco (domestic independent)

  • Head office: 〒104-0032 27-ban 4号, Hatchobori 3-chome, Chuo-ku, Tokyo (established 2017-12-21, capital 1 億円)
  • Representative: Ryo Sakane (from 2026-04 , succeeding founder Muuto Morikawa)
  • Shareholders: Global Brain / DBJ Capital / Miyako Capital / Mitsubishi UFJ Capital (an unlisted independent)
  • Technology: HSM + MPC hybrid = Ginco Enterprise Wallet (No. 1 in domestic B2B crypto-asset wallet share, the company’s own announcement 2021-08)
  • Customers: domestic FSA-registered VASPs + securities firms (Mizuho Securities / Daiwa Securities) + trust banks (Mitsubishi UFJ Trust + Sumitomo Mitsui Trust + Trust Base, etc.)
  • Supported assets: BTC + ETH + ERC20 (added in as little as 2 weeks) + proprietary chains (in as little as 1 months) — among the most in Japan
  • Regulation: not applicable as a VASP (B2B infrastructure) → not a JVCEA member / no FSA registration. SOC 2 Type II + SGS certification
  • Billing: license contract + per-tx billing
  • Strategy: diversifying with domestically produced HW wallet (AndGo) integration + ST infrastructure + Babylon Labs BTCFi (2025-12) + Canton Network validator (2025-12) + an India development base (2024-05)

A2. Komainu (Jersey corporation, Nomura HD-affiliated)

  • Head office: Jersey, Channel Islands (established 2018 )
  • Shareholders: a three-party joint venture of Nomura HD + CoinShares + Ledger (2018) → Blockstream led a Series B 2025-01 ($75M, equivalent to 116 億円 in BTC)
  • Technology: Cold storage + offline signing + MPC + HSM = a cold-custody specialist for institutions / sovereign nations
  • Customers: UAE government / UK police (seized-crypto-asset safekeeping 2021-01) / Swiss Stock Exchange Bitcoin ETP (2021-01) / OKX (Komainu Connect 2023-06)
  • Supported assets: BTC-centered + ETH + major PoS-type (custodial staking 2021-)
  • Regulation: Jersey JFSC (2019) + UK FCA Crypto (2025) + UAE VARA (2023) + Italy OAM (2025). Not registered with Japan FSA / not a JVCEA member / no Japan base
  • Billing: monthly + AUM-based
  • Strategy: expanding in Asia with Komainu Connect (exchange-collateral linkage 2023-) + Komainu CORE (Collateral-as-a-Service 2026-04) + Propine acquisition (2024-10 Singapore)
  • Board overlap: dual anchor of Laser Digital (Laser Digital Japan) executives + Blockstream

A3. Fireblocks Japan (US headquarters, Tokyo base)

  • Head office: New York City (R&D Tel Aviv, established 2018 ), Tokyo base confirmed on LinkedIn 5 名
  • Shareholders: Sequoia / Paradigm / BNY Mellon (participated 2021-03 ) / Google Ventures = Series E $550M (2022-01, $8B valuation)
  • Technology: MPC + Policy Engine + Treasury Management (Fireblocks Network) — globally 2,400+ institutions, $10T+ cumulative transaction volume
  • Customers: centered on global financial institutions + Western Union (USDPT) + the European bank consortium Qivalis of 12 行 (EUR SC) + Mitsui & Co. MDC (Zipangcoin) + SMBC × Ava Labs × TIS SC (2025-04) + Minna Bank + CoinTrade
  • Supported assets: 50+ blockchains (regularly expanded), SC (USDC/USDT/EPI) + RWA + NFT
  • Regulation: Fireblocks Trust Company (US trust, 2024-) + MiCA-compliant. No Japan FSA registration (unnecessary as infrastructure SaaS). SOC 2 Type II + ISO 27001
  • Billing: Subscription
  • Strategy: expanding the Tokyo base (2026-05 CoinPost CEO interview report), IPO observation exists (2025-11 Bloomberg)

B. US-affiliated top 4 (Trust Charter Qualified Custodian)

B1. Coinbase Custody Trust

  • Established: 2018, NY DFS Trust Charter
  • Parent: Coinbase Global (NASDAQ:COIN)
  • AUM: $200B+ (estimated)
  • Technology: Multi-sig + HSM (in-house hybrid)
  • Customers: numerous US spot BTC ETFs such as BlackRock IBIT entrusted, hedge funds, institutions
  • Regulation: NY DFS Trust Charter (2018) + SOC 1/2 Type II + Lloyd’s of London insurance
  • Japan: 2023 Coinbase Japan withdrawal (license retained), no custody-standalone-business entry into Japan
  • Billing: AUM-based + per-tx

B2. Fidelity Digital Assets

  • Established: 2018, MA Trust Charter + NY DFS
  • Parent: Fidelity Investments
  • AUM: not disclosed (centered on pensions / foundations)
  • Technology: Cold storage + offline signing (conservative approach)
  • Customers: FBTC (Fidelity Wise Origin Bitcoin ETF) entrusted in-house, strong in pensions / foundations
  • Regulation: MA Trust + NY DFS + SOC 1/2 Type II
  • Japan: has not entered with a Japan base (as of 2026-05 )
  • Billing: AUM-based

B3. Anchorage Digital

  • Established: the first Federal Trust Chartered Crypto Bank in the US in 2021-01 (OCC-approved)
  • AUM: not disclosed (institution-centered)
  • Technology: MPC + HSM hybrid (the only one under federal regulation)
  • Customers: institutions for which federal-regulation compliance is essential (US institutional pensions / foundations / federally supervised financial institutions)
  • Regulation: OCC Federal Trust Bank (a special status fully exempt from 50 -state MTL)
  • Japan: only API-based overseas connection, no Japan entity
  • Strategy: a unique position as federally regulated + the only crypto bank in the US = a precedent for Circle’s 2025 OCC Trust Charter acquisition

B4. BitGo

  • Established: 2013 (the industry’s oldest)
  • Head office: Palo Alto, CA
  • Technology: Multi-sig + MPC hybrid (BitGo Wallet)
  • Customers: entrusted with the self-custody of many CEXs, ETF custody, institutions
  • Regulation: SD State Trust Charter + multi-state expansion + BitGo Trust HK (Custodian Trust)
  • Japan: indirect contact via the partnership with Mitsui & Co. MDC. No direct base
  • Strategy: $1.75B valuation Series C (2023), IPO observation exists

C. Big-Bank-affiliated (G-SIB digital-asset entry)

C1. BNY Mellon Digital Asset Custody

  • Parent: The Bank of New York Mellon Corporation (NYSE: BK) = the world’s largest custody bank (AUC/A $50T+)
  • Digital-asset custody: launched the 2022-10 Crypto Custody Platform, for US institutions
  • Japan base: Bny Mellon Japan + The Bank of New York Mellon Tokyo Branch + BNY Mellon Asset Management Japan
  • Japan digital-asset business: not operational domestically (US BNY Mellon’s crypto custody is centered on Bitcoin / Ether for institutions; direct provision to Japanese institutions is limited)
  • Customers: US pensions / foundations / SWFs + joint investment with Fireblocks (2021-03)
  • Strategy: a pure-wholesale foreign player + the global division of labor of overseas-asset custody for GPIF / major pensions

C2. State Street Digital Asset Custody

  • Parent: State Street Corporation (NYSE: STT) = the world’s No. 2 位 custody bank (AUC/A approximately $49-53 兆)
  • Digital-asset custody: established the 2021-06 State Street Digital division, for institutions
  • Japan base: State Street Japan = State Street Trust Bank + Tokyo Branch + SSGA (the manager of SPDR ETFs) + Charles River Development
  • Japan digital-asset business: not operational domestically (US State Street’s crypto custody is for institutions; direct provision to Japanese institutions is limited)
  • Customers: GPIF / major pensions / SPDR-type ETFs entrusted
  • Strategy: a pure-wholesale foreign player + whereas the master trust (master-trust-bank) specializes in domestic trust, State Street does overseas-asset custody for GPIF / major pensions

D. Other Qualified Custodians + domestic special custody

D1. Standard Custody & Trust Company

  • Parent: PolySign / Standard Chartered linkage
  • Regulation: NY DFS Trust Charter (2022)
  • Technology: MPC + HSM
  • Customers: institutions + hedge funds
  • Japan: no base

D2. Custodiem (former FTX Japan, bitFlyer-affiliated)

Big comparison matrix table

AxisA1. GincoA2. KomainuA3. FireblocksB1. Coinbase CustodyB2. Fidelity DigitalB3. AnchorageB4. BitGoC1. BNY MellonC2. State StreetD1. Standard CustodyD2. Custodiem
Established2017-1220182018201820182021-0120131784 (BNY) / 2007 (BNY Mellon)179220222024 (bitFlyer acquisition)
Head officeChuo-ku, TokyoJerseyNY (R&D Tel Aviv)NYBoston, MASF, CAPalo Alto, CANYBoston, MANYTokyo
Parent companyindependent (VC-backed)Nomura HD + CoinShares + Ledger + BlockstreamSequoia / Paradigm / BNY (investment)Coinbase Global (COIN)Fidelity Investments(independent, OCC charter)(independent, Series C $1.75B)BNY Mellon Corp (BK)State Street Corp (STT)PolySignbitFlyer Holdings
Industry implementation modelB2B vendor (domestic VASP infrastructure)institutional Qualified CustodianB2B vendor (SaaS for global financial institutions)Qualified Custodian (CEX + ETF)Qualified Custodian (pensions / foundations)Qualified Custodian (federal regulation)Qualified Custodian (CEX-centered)Big Bank digital entryBig Bank digital entryQualified CustodianVASP self-custody
Technology modelHSM + MPC hybrid (Ginco Enterprise Wallet)Cold + offline signing + MPCMPC + Policy EngineMulti-sig + HSMCold storage + offline signingMPC + HSM (federal)Multi-sig + MPCplatform for US institutionsplatform for US institutionsMPC + HSMbitFlyer integration
Number of supported assetsthe most in Japan (BTC + ETH + major ERC20 + proprietary chains)BTC-centered + ETH + PoS-type50+ blockchainsBTC + ETH + major ERC20 + SCBTC + ETH + major ERC20BTC + ETH + major ERC20 + SCBTC + ETH + major ERC20 + SCBTC + ETH (limited)BTC + ETH (limited)BTC + ETH + ERC20bitFlyer handled brands
Main customer segmentdomestic VASPs + domestic trust banks + domestic securitiessovereign nations + UAE government + UK police + ETF (Bitcoin ETP) + OKXglobal financial institutions 2,400+ + Western Union + Mitsui MDC + SMBCUS spot BTC ETF (BlackRock IBIT) + US institutionsFBTC ETF + US pensions / foundationsUS institutions + federally supervised financeCEX + ETF + institutions + Mitsui & Co. MDCUS pensions / foundations / SWFsGPIF + major pensions + SPDR ETFinstitutions + hedge fundsformer FTX Japan customers + bitFlyer group
SLA / uptimenot disclosed (B2B contract-based)99.95%+ (disclosed for institutions)99.99% (global financial-institution SLA)99.95%+ (ETF custody SLA)99.95%+99.95%+99.95%+bank SLA (24/7)bank SLA (24/7)99.95%+bitFlyer SLA
Insurance coveragedomestic non-life insurance + SOC 2 certificationa custom program via Lloyd’s of London$30M+ (Marsh brokered)Lloyd’s of London + Aon insuranceLloyd’s of London$1B (Aon insurance, among the industry’s largest)$250M Lloyd’sBNY bank insurance schemeState Street bank insurance schemeLloyd’sJVCEA self-regulation + bitFlyer insurance
Regulatory tierno FSA registration (B2B vendor)Jersey JFSC + UK FCA + UAE VARA + Italy OAMUS trust (Fireblocks Trust Company 2024-) + MiCANY DFS Trust CharterMA Trust + NY DFSOCC Federal Trust Bank (the only one in the US)SD State Trust + multi-state + HKNY DFS Trust (BNY Mellon)MA State Trust + NY DFS (State Street)NY DFS TrustFSA crypto-asset exchange business
Japan license(B2B unnecessary)not registered (no Japan base)not registered (base exists 5 名)crypto-asset exchange business (Coinbase Japan dormant)not entered with a baseno base (API only)indirect via Mitsui & Co. MDC[[foreign-financial-institutions/bny-mellon-japanBNY メロン信託銀行]] + Tokyo Branch (digital-asset business not operational domestically)[[foreign-financial-institutions/state-street-japanステート・ストリート信託銀行]] + Tokyo Branch (digital-asset business not operational domestically)
Billing modellicense + per-txmonthly + AUM-basedSubscriptionAUM + per-txAUM-basedAUM + per-txAUM + per-tx + monthlybank custody fee structurebank custody fee structureAUM + per-txbitFlyer billing
AUC/AUM (approximate)not disclosednot disclosed$10T+ cumulative transaction volume (550M wallets)$200B+not disclosednot disclosednot disclosed(parent BK = $50T total)(parent STT = $49-53T total)not disclosedwithin bitFlyer
Country of establishmentJapanJersey (British Crown Dependency)US (R&D Israel)USUSUSUSUSUSUSJapan
VC valuation(unlisted)Series B 2025-01 led by Blockstream$8B (2022-01 Series E)(Coinbase public)(Fidelity private)$3B (Series D 2021)$1.75B (Series C 2023)(BNY public)(STT public)not disclosed(non-public)
Representative casesMizuho Securities ST proof-of-concept + Mitsubishi UFJ Trust SC development + Daiwa Securities STUAE government + UK police + Bitcoin ETP + OKX ConnectBlackRock former PM advisor + Western Union USDPT + Mitsui MDCBlackRock IBIT + ARK 21 Shares ETFFBTC ETFnumerous federally regulated financial institutionsETF custody + Mitsui & Co. MDCinstitutional BTC/ETHUS institutionsPolySign investee100% refund after FTX collapse
2026 strategyBTCFi (Babylon Labs) + Canton Network + India developmentKomainu CORE (Collateral-as-a-Service) + Propine integrationDynamic integration (embedded wallet) + TRES Finance integration (accounting) + IPO observationUS spot ETH ETF expansionFidelity institutional expansionadditional services under federal regulationIPO observation + multi-state expansiondigital-asset institutional expansiondigital-asset institutional expansioninstitutional expansionwithin the bitFlyer group
Competitive relationshipFireblocks (domestic competitor) + Komainu (institutional complement)Fireblocks (institutional competitor) + Coinbase (ETF competitor)Ginco (domestic competitor) + BitGo (global competitor)Anchorage + BitGo + Fidelity (ETF competitor)Coinbase + BitGo (ETF competitor)Coinbase + BNY (federal competitor)Coinbase + Anchorage(new entrant)(new entrant)BitGo + Anchorage(domestic VASP only)

Market structure seen through the three-layer structure

Layer 1: B2B Infrastructure Vendor (customers are VASPs / banks / institutions)

  • Ginco = domestic independent, domestically produced infrastructure for domestic VASPs / trust banks
  • Fireblocks = overseas-originated, SaaS for globally 2,400+ institutions
  • Komainu = Nomura-affiliated, for overseas institutions + sovereign nations

Characteristics: the company itself is not a direct custodian (customers bear the custody operations themselves). Subscription + license billing. Functions as the security infrastructure of VASPs / banks.

Layer 2: Qualified Custodian (customers are ETFs / pensions / institutions)

  • Coinbase Custody + Fidelity Digital + Anchorage + BitGo + Komainu + Standard Custody

Characteristics: the company itself does direct custody = Trust Charter acquisition (NY DFS / OCC / MA / SD). AUM + per-tx billing. Leads the entrusted-custodian market for US spot BTC ETFs (approved 2024-01 ).

Layer 3: Big-Bank-affiliated digital-asset custody (G-SIB-class entry)

  • BNY Mellon Digital Asset Custody + State Street Digital

Characteristics: traditional custody banks of the AUC/A $50T class × digital assets. Provide a trust floor for pensions / SWFs / foundations. In Japan, domestic digital-asset business is not operational, but they function as the receiver when institutions allocate overseas crypto assets.

Boundary cases

B1. Komainu’s “B2B vendor vs Qualified Custodian” boundary

  • As a cold-custody specialist, Komainu does both direct institutional custody (operating with Jersey JFSC + UAE VARA without a Trust Charter) and infrastructure provision (providing to OKX, etc. via Komainu Connect).
  • Whereas a general Qualified Custodian (Coinbase Custody / Anchorage / BitGo) requires an NY DFS Trust, Komainu provides similar functions via the Jersey route → regulatory arbitrage

B2. Fireblocks’ “infrastructure vs Custodian” boundary

  • Fireblocks was originally B2B SaaS, but in 2024 it acquired Fireblocks Trust Company (a US trust company) → it changed into a structure where direct custody business is also possible.
  • 2026 strategy: it also supports B2C connection with Embedded Wallets (Dynamic 2025-10 acquisition $90M), and expands toward payment-specialized players such as Western Union with Network for Payments

B3. The non-operational problem of Big-Bank-affiliated players’ Japan digital-asset business

  • BNY Mellon has operated a Crypto Custody Platform from 2022-10 in the US, and State Street also established a Digital Asset division from 2021-06 . However, in Japan, domestic digital-asset business is not operational (as of 2026-05 ).
  • Reasons: Japan FSA regulation requires a crypto-asset exchange business license + JVCEA self-regulation + the complexity of dual supervision with trust-bank business. The Japan digital-asset entry of Big-Bank-affiliated players is expected to begin in earnest after GPIF / major pensions start crypto-asset allocation.

B4. The uniqueness of Anchorage’s Federal Trust Bank

  • Anchorage Digital is the only OCC-approved Federal Trust Crypto Bank in the US (2021-01). The only crypto bank operated under federal regulation.
  • A general Trust Charter (NY DFS / MA / SD) is state-based, with a structural constraint that makes it hard to serve federally supervised financial institutions (major commercial banks / pensions). Anchorage has a unique position monopolizing this gap.
  • 2025 Circle’s OCC Trust acquisition follows this Anchorage precedent → putting in place the precondition for expanded SC use by federally supervised financial institutions.

B5. Custodiem’s “VASP self-custody vs vendor infrastructure” boundary

  • Custodiem (former FTX Japan, acquired by bitFlyer in 2024 ) holds an FSA crypto-asset exchange business license, positioned to reinforce the bitFlyer group’s own custody function.
  • Unlike a pure B2B vendor (Ginco / Fireblocks) or an independent Qualified Custodian (Komainu), it is operated as a custody function within a specific VASP group.
  • The 100% compensation case of the former FTX Japan’s customer assets (2024) is evidence that the compliance of Japan VASP cold storage / segregated management was good.

B6. Domestic VASP self-custody vs B2B vendor choice

  • The majority of domestic VASPs (bitFlyer / Coincheck / GMO Coin / SBI VC Trade / bitbank, etc.) operate self-custody (in-house build + concurrent use of domestic HSM / Ginco infrastructure).
  • For institutions (Crypto Garage / Digital Asset Markets / Laser Digital Japan), partnerships with external vendors (Fireblocks / Ginco / Komainu) are central.
  • Bipolarization is progressing: retail VASP = self-custody + Ginco infrastructure complement vs institutional VASP = vendor infrastructure dependence

B7. Mitsui & Co. MDC × BitGo / Fireblocks dual partnership

  • In its Zipangcoin (gold-collateralized RWA) issuance, Mitsui & Co. has a dual partnership of Fireblocks (a multi-chain deployment infrastructure) + BitGo (custody connection).
  • This is a case of “avoiding single-vendor-dependence risk” + “parallel operation of different technology stacks” in a large-enterprise RWA project.

B8. The trigger for Big-Bank-affiliated players’ Japan digital-asset entry

  • The triggers for BNY Mellon / State Street to begin Japan digital-asset custody in earnest are:
    1. The start of GPIF’s crypto-asset allocation (currently 0%, possibility of 2027-2028 discussion)
    2. Approval of a Japan spot BTC ETF (not approved as of 2026-05 )
    3. The start of crypto-asset allocation by major life insurers / banks (as of 2026 , signs of approach such as Dai-ichi Life / Sumitomo Life investing in the JPYC Series B)
  • If these come together, formal digital-asset business is expected to be launched at the Japan bases of Big-Bank-affiliated players (2027-2028).

B9. The relationship between Coinbase Custody vs Coinbase Japan

  • Coinbase Custody Trust (NY DFS Trust) is a subsidiary of Coinbase Global. The entrusted custodian of US spot BTC ETFs (BlackRock IBIT, etc.).
  • Coinbase Japan is in a dormant state due to its 2023 withdrawal. A future re-entry option for retaining the license.
  • Custody-standalone-business entry into Japan: because the US headquarters has sufficient ETF-market access, the economic incentive to enter the Japan market with custody alone is weak. Unless Coinbase Japan reopens, no entry is expected for the time being.

B10. The regulatory arbitrage of Komainu’s Jersey route

  • Komainu provides custody for global institutions via Jersey JFSC (a British Crown Dependency). A regulatory arbitrage of lower license-acquisition / maintenance costs than the US NY DFS Trust, and a wider provision range to institutions.
  • On the other hand, US institutions (BlackRock, etc.) often require NY DFS Trust status, a structural constraint that makes it hard to serve them via Komainu’s Jersey route.
  • With the 2025-01 Blockstream Series B, the strategy of concentrating on the BTC-native institutional market was clarified. The aim is strengthening connection with Bitcoin-native assets (BRC-20, Ordinals, etc.) and Lightning.

B11. The lessons of the domestic VASP DMM Bitcoin closure

  • The 2024-05 DMM Bitcoin Lazarus hack (482 億円) brought renewed recognition of the thoroughness of the cold-storage ratio + the importance of B2B vendor (Ginco / Fireblocks / Komainu) infrastructure.
  • To suppress the hot-wallet ratio of domestic VASPs, the introduction of MPC + HSM accelerated.
  • Result: the domestic share of B2B vendors expanded, and the number of Ginco’s contracts for domestic VASPs / trust banks surged.

Strategic implications

Implication 1: the fixation of the three-layer structure

  • Layer 1 (B2B vendor) = the top three of Ginco / Fireblocks / Komainu
  • Layer 2 (Qualified Custodian) = Coinbase / Fidelity / Anchorage / BitGo + Komainu
  • Layer 3 (Big Bank) = BNY Mellon / State Street
  • In the Japan market, a structure where Layer 1 supports domestic VASPs, and Layer 2 + Layer 3 await the full-scale arrival of the ETF / pension market.

Implication 2: the thoroughness of the cold-storage ratio of 95%+

  • With JVCEA self-regulation + the lessons of the DMM Bitcoin closure, the thoroughness of domestic VASPs’ cold-storage ratio became the norm.
  • Demand for B2B vendors’ (Ginco / Fireblocks) MPC + HSM introduction continues to expand.

Implication 3: connection with institutional RWA + ST digital securities

  • With Mitsui & Co. MDC / Progmat ST issuance / Crypto Garage institutional OTC, etc., custody demand for institutional RWA + ST expands.
  • In linkage with trust banks (Mitsubishi UFJ Trust / SMBC Trust / Mizuho Trust), the strategic importance of the custody vendor (Ginco) increases.

Implication 4: Big-Bank-affiliated players’ Japan digital-asset entry awaits GPIF

  • The full-scale launch of BNY Mellon / State Street’s Japan digital-asset business is premised on crypto-asset allocation by GPIF / major pensions.
  • Currently, GPIF has 0% crypto-asset allocation. Possibility of 2027-2028 discussion.

Implication 5: the expansion of Anchorage / Circle’s OCC Trust federal route

  • After Anchorage Digital obtained the only OCC Federal Trust in the US in 2021-01 , Circle followed in 2025 .
  • The precondition for expanded crypto-asset / SC use by federally supervised financial institutions (major commercial banks / pensions) is being put in place. A large future impact on Japan as well.

Sources