Wall Street giants are competing fiercely for a share of the market for providing custody services to the multi-trillion-dollar digital asset market. Although Nasdaq recently suspended plans to launch crypto-asset custody services, Société Générale has received permission from the French market regulator to provide digital asset storage and custody services, and British Schroders Asset Management is also looking for cryptocurrency custodians. Last year, the collapse of cryptocurrency platforms such as FTX caused heavy losses to traders. Investors' demand for third-party custody surged, and more and more banks and institutions also saw money-making opportunities. However, regulatory differences and different cost dynamics around the world enable some players to “pre-empt the market” while causing others to reassess.