FinWiki
日EN中

Global institutional custody five pillars — Coinbase Custody / Fidelity / Anchorage / BitGo / Komainu

Confidence: Likely Updated 2026-05-19 Review by 2026-09-22 Sources 5 Machine-translated Original (JA)
#exchanges#custody#institutional#global#comparison
On this page

Wiki route

This entry sits under exchanges index. Read it against Global CEX top 10 ranking comparison (2025-2026) for peer / contrast context and FSA crypto-asset exchange registration system — number system / Local Finance Bureau jurisdiction / registration requirements for the broader system / regulatory boundary.

Overview

Institutional crypto-asset custody is structurally different from the VASP self-custody model. In the US market, Qualified Custodian (SEC Rule 206(4)-2) status + holding a trust-banking license (Trust Charter) is effectively the requirement for taking custody for institutional investors. The US 4 powers (Coinbase / Fidelity / Anchorage / BitGo) + the Europe/Japan-affiliated Komainu, these 5 major players, lead the super-institutional market such as ETFs, pensions, and SWFs.

Five-pillar profile comparison

  • Coinbase Custody Trust — NY DFS Trust Charter (2018-). A Coinbase Global subsidiary, AUM $200B+ (estimated). Custodian for many US spot BTC ETFs such as BlackRock IBIT. SOC 1/2 Type II certified.
  • Fidelity Digital Assets — established 2018 . MA Trust Charter + NY DFS. Leverages the established institutional base of Fidelity Investments; self-custodies FBTC (Fidelity Wise Origin Bitcoin ETF). Strong with pensions and foundations.
  • Anchorage Digital — 2021-01 the first US Federal Trust Chartered Crypto Bank (OCC-approved). Its strength is hybrid MPC + HSM technology. A unique positioning as the only crypto bank under federal regulation.
  • BitGo — established 2013 (the oldest in the industry). SD State Trust Charter + multi-state expansion. multi-sig + MPC hybrid. Touches the Japanese market via the Mitsui & Co. MDC partnership.
  • Komainu — a Jersey entity (2018). A Nomura HD + CoinShares + Ledger joint venture. Specializes in cold custody, focused on sovereign states (UAE government, etc.) and regulated-asset custody. Jersey JFSC-approved.

Technology-stack distribution

  • MPC (Multi-Party Computation): Anchorage / BitGo (hybrid) / Fireblocks (vendor layer)
  • Multi-sig + HSM: Coinbase / BitGo (hybrid model)
  • Cold storage + offline signing: Komainu / Fidelity (conservative approach)

Regulatory-license comparison

  • US-affiliated: NYDFS Trust Charter (Coinbase) / OCC Federal Trust (Anchorage only) / state Trust Charters + MA Trust (Fidelity) / SD Trust (BitGo)
  • Europe/Japan: Jersey JFSC (Komainu) / BitGo Japan partnership (Mitsui & Co. MDC trust business)
  • Asia: HK SFC Type 1+7 + Custodian Trust (BitGo Trust HK)

Japanese-market contact

Komainu is deeply cultivating major Japanese institutions (life insurers, regional banks, SWFs) via its parent Nomura HD. Coinbase withdrew from the Japanese CEX market in 2023 . Fidelity has not entered with a Japan base. BitGo has indirect contact through the partnership with Mitsui & Co. MDC. Anchorage has API-based overseas connection only, with no entity in Japan. It is in a complementary relationship with the domestic 3 powers (jp-institutional-custody-three-pillars).

来源: 公開情報整理 (FSA 暗号資産交換業者公表・海外無登録警告書一覧、Nomura HD/SMFG/MUFG IR、Komainu/Fireblocks 公式、Chainalysis Crypto Crime Report 2024-2025)