Cryptocurrency investors have been forced to use small and relatively unknown auditors, custodians and record-keepers because of a lack of back-office support from Wall Street. The situation has raised fears about the reliability of the asset class and is deterring new investment. Some larger companies, including State Street , are thought to be considering a move into the market but until then crypto investors must rely on smaller firms. Chris Solarz of Cliffwater said safeguards were “non-existent or shaky” and Nick Mitsiou of LGT Capital Partners said the infrastructure was “pretty green”.
Cryptocurrency investors have been forced to use small and relatively unknown auditors, custodians and record-keepers because of a lack of back-office support from Wall Street. The situation has raised fears about the reliability of the asset class and is deterring new investment. Some larger companies, including State Street, are thought to be considering a move into the market but until then crypto investors must rely on smaller firms. Nick Mitsiou of LGT Capital Partners said safeguards were “non-existent or shaky” and Chris Solarz of Cliffwater said the infrastructure was “pretty green”.