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Author: Admin | 2025-04-28
The U.S. can custody cryptocurrencies, too, after the Office of the Comptroller of the Currency (OCC) cleared the way for all nationally chartered banks to provide crypto custody services. This opened the door for custody giants such as BNY Mellon, Citibank and Fidelity to enter the crypto custody market.Note that some of the third-party custody providers (Fidelity, BitGo, Bakkt) are only available for institutional investors. Others may require a minimum balance so high that it excludes most everyday holders from accessing their services. For example, Coinbase’s dedicated crypto custody service, Coinbase Trust, requires a whopping minimum balance of $500,000 in digital assets to qualify for its custody system.Don’t fret if you don’t have that sort of money invested in cryptocurrency. Some custody providers have made their services available for retail clients, too. A few examples include:Blockchain.comCasaGeminiNuri (formerly Bitwalla)How much does third-party crypto custody cost?As with any type of service, providers typically charge a number of fees for safekeeping your money, just as regular banks do when you have a checking or savings account. Moving crypto in and out of your account also can incur fees. These costs usually fall into one of the following three categories.Custody fee: Custodians ask for a certain percentage point based on the value of the assets under custody every year. This is usually less than 1%.Setup fee: a flat rate for opening a custodial account. It’s worth noting some crypto custodians waive the fee and let users open an account for free.Withdrawal fee: You might
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