Custody
Custody Solutions
A practitioner's framework for digital asset custody: models, key management tech, and the institutional stack.
Custody is a legal construct, not a technical one. The same MPC, multisig, HSM, or TEE infrastructure can underpin self-custody, third-party custody, or a hybrid setup, and the choice has direct consequences for security, regulatory standing, and recoverability.
Inside the report
- Four custody models examined: self, third-party, exchange, and hybrid.
- Six key management technologies analyzed: EOA, multisig, MPC, HSM, TEE, and smart contract wallets.
- The institutional stack: defense in depth, with hot, warm, and cold layering across mature setups.
- Hybrid configurations are emerging as the dominant institutional pattern by 2026.
- Use-case analysis for corporate treasuries, fund managers, exchanges, protocols, and DAOs.
- Recent incident post-mortems incorporated: Drift Protocol, Bybit, and Radiant Capital.
- Regulatory frameworks covered: MiCA, the SAB 121 repeal, and US qualified custodian rules.
Supporting partners
Solana Foundation, Circle, Stellar, Squads, Fireblocks, Turnkey, Safe, Ledger Enterprise, Trail of Bits.
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