TechFlow reported that South Korean cryptocurrency exchange Korbit and its research center released a report examining three U.S. digital asset custodians: Coinbase Custody, Fidelity Digital Assets, and Fireblocks.
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Coinbase Custody, a digital asset custody service provider managing $100 billion in total assets, has attracted numerous asset management firms.
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Fidelity Digital Assets, backed by the century-old Fidelity Investments, possesses strong capabilities to collaborate with global institutional investors.
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Fireblocks, an Israeli company, offers diversified custody solutions and has rapidly emerged as a key player, establishing branches in eight major cities worldwide.
The report highlighted differences between the United States and South Korea in regulatory and operational environments for digital asset custody. The U.S. focuses more on types of service providers, whereas South Korea adopts a regulatory principle that separates virtual asset firms from traditional financial institutions.
In addition, the report discussed "SAB 121," a regulation requiring public companies to list digital assets held in third-party custody on both their balance sheets and asset statements. Due to this rule, emerging digital asset firms such as Coinbase Custody fall outside the scope of application, thereby gaining greater opportunities to enter the digital asset custody market.
The report also emphasized challenges facing South Korea's digital asset sector, including investment restrictions on domestic companies in the digital asset space, and called for creating a favorable environment to enhance the competitiveness of South Korean digital asset firms.
