Cryptocurrency custodySolutions have been a booming business in recent years. The ability to store large volumes of cryptocurrency on client’s behalf in independent storage or security systems can attract institutional capital as well as retail investors who are waiting to be able to invest.

Because of the decentralized nature of major blockchains like that of or , whenever a user loses access to their wallet and doesn’t have a backup of their private keys, the funds within it cannot be recovered. There’s no central entity to turn to, and no one can control the blockchain to give anyone access back to their funds.