[ I N D E P T H | C R Y P T O ] several sell-side participants have taken the plunge and filled custody and brokerage gaps in the market . Notably , Northern Trust and Standard Chartered partnered to launch an institutional crypto custody solution in what was considered a landmark move for institutions vying to enter the space . Custody giants BNY Mellon and State Street followed suit with announcements of their own digital asset servicing plans .
Standard Chartered also launched an institutional digital asset brokerage and exchange platform for UK and European markets , while Cowen moved to provide institutional clients with access to cryptocurrencies .
In terms of crypto exchanges , Gemini and Archax became the first to receive approval from the FCA in 2020 . Digital asset exchange heavyweight , Coinbase , which recently floated on the Nasdaq stock exchange with a valuation of $ 86 billion , also confirmed in May that it will launch a prime brokerage custody solution .
Despite the infrastructure becoming more concrete , attention has been drawn recently to its robustness and reliability during flash crashes , like the one on 19 May that saw the price of
" The volatility is a sign of the fact that it ' s still quite an immature space ."
STANISLAV KOSTYUKHIN , COMMERCIAL OWNER FOR THE
SEGMENT , SAXO BANK
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