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" ... As a result, Long thinks that banks like Avanti, that don’t lend out depositors’ money, could prove attractive even to clients that don’t deal in crypto. Instead of making money by lending money, Long says, Avanti will charge fees for services. While the bank will take customer deposits in U.S. dollars, the trust side of Avanti will custody bitcoin and perhaps more importantly, securities issued on a blockchain, similar to how State Street custodies traditional securities. “There are eight products we’ve identified that Avanti will be able to offer that do not exist in the marketplace today precisely because traditional banks can’t custody crypto and trust companies don’t have access to the Fed directly.” ... "
" ... First, it is crucial to precisely define digital custody. A provider that custodies a truly digital, tokenized asset is performing a very different function than an intermediary managing an account-ledger and related book entries. The custody of a tokenized asset cryptographically signed with a private key involves unique technological, security, operational and governance considerations — something our exchange has learned over the years of providing our own custodial services. Mitigating associated risks is the core function of any financial custody solution, but given the novelty of the technologies at play, we should not assume that all solutions are capable of satisfying users’ expectations for safety. ... "
" ... Second, find out who custodies your assets. We’ve seen scandal after scandal—Bernie Madoff, MF Global—where the money wasn’t housed separately from the advisory firm. A client should sign a limited power of attorney that allows an asset manager to trade in the account, but that’s it. No one should have access to the client’s money except one person: the client. ... "