普华永道（PWC）与Aspen Digital合作发布的名为《数字资产托管现状》的报告深入剖析了数字资产托管如何助力亚洲的机构投资者实现财富增长，也针对如何抓住数字资产生态系统中不断涌现的机遇给出了自己的专业理解。从这份报告中我们看出，家族办公室、高净值个人和外部资产管理者对机构级别的数字资产托管服务的需求正在因为数字资产的普及程度不断提升而迅速增长。因此，数字资产托管服务提供商这一赛道的竞争也逐渐激烈。据了解，截至2023年4月，已有超过120家数字资产托管服务提供商在为这一千亿级别的行业提供多样化的服务。
The report by PricewaterhouseCoopers (PWC), published in collaboration with Aspen Digital, provides an in-depth analysis of how digital asset hosting contributes to the wealth growth of institutional investors in Asia, as well as a professional understanding of how to seize emerging opportunities in digital asset ecosystems. From this report, we see that demand for agency-level digital asset hosting services from family offices, high net worth individuals, and external asset managers is growing rapidly as digital assets become more widely available.
1.为什么数字资产托管很重要？
1. Why is digital asset hosting important?
灰度投资（Grayscale Investments）的报告”重新想象金融的未来“（Reimagining the Future of Finance）将数字经济定义为“越来越多地由数字空间、体验和交易来定义的技术和金融的交叉点。”在这一变革浪潮中，数字资产托管逐渐显现其重要性。从纽约梅隆银行到毕尔巴鄂比斯开银行，从美国合众银行到Ninepoint Digital Asset Group，越来越多的传统金融机构纷纷加入数字资产托管的行列。他们认为，数字资产托管在安全保管客户的数字资产方面至关重要。它为数字资产的创建、管理和交换奠定了基础，让交易、银行服务和主经纪商业务等服务成为可能。同时，托管还解决了机构在数字资产保管和增值方面面临的两个最大问题：安全性和可访问性。截止有统计数据的2022年年初，托管资产总额（AUC）增长达到了惊人的600%，超过2000亿美元。所以我们有理由相信，数字资产托管无疑已经成为塑造金融未来的重要一环。
In this wave of change, digital asset hosting becomes increasingly important. From Melon Bank in New York to Bilbao Biscai Bank, from the United States Bank to Ninepoint Digital Asset Group, a growing number of traditional financial institutions have joined digital asset hosting. They believe that digital asset hosting is essential in securing the digital assets of clients. It lays the foundation for the creation, management and exchange of digital assets, making transactions, banking services, and major broker business operations possible. At the same time, it also addresses two of the biggest problems that institutions face in terms of digital asset custody and value addition: security and accessibility.
2.数字资产托管需求的演变
2. Evolution of digital asset hosting requirements
数字资产托管的发展历程经历了明显的3个阶段：
The evolution of digital asset hosting has gone through three distinct stages:
托管1.0主要是自托管，即用户自行保管私钥，负责管理自己的数字资产。这种方法简单且去中心化，但缺乏安全性和效率。中心化数字资产交易所 （CEX） 的出现为数字资产提供了便捷的接入和托管服务，但容易遭受黑客攻击，造成用户不可挽回的损失。
The approach is simple and decentralised, but lacks security and efficiency. The advent of the Centralized Digital Assets Exchange (CEX) provides easy access and hosting services to digital assets, but is vulnerable to hacking, resulting in irreversible losses for users.
托管2.0自2016年起大约持续了四到五年时间。这期间机构开始使用离线的冷钱包、开始为委托方提供定制策略，同时也出现了一批受监管的数字资产托管商等。此外，受监管托管商为满足需求，采用了如硬件安全模块（HSM）、多方计算（MPC）和多重签名等技术，提供了合规且安全的托管解决方案。
Trust 2.0 has lasted approximately four to five years since 2016. During this period, institutions began to use offline cold wallets, started to provide custom strategies for clients, and a number of regulated digital asset custodians have emerged.
托管3.0数字资产托管服务商帮助机构更深入地参与到日益发展的Web3 生态系统中。这个阶段，机构在安全性之外，又提出了更灵活的资产托管方式的需求。
The hosting of 3.0 digital asset custodians helps the agency to become more deeply involved in the growing Web3 ecosystem. At this stage, the agency, in addition to its security, has created the need for more flexible asset hosting.
3.如何选择合适的数字资产托管服务商？
3. How to select a suitable digital asset custodian?
通过对数字资产托管十余年来的发展历程的梳理我们发现，好的托管商，应该能够为机构数字资产持有者提供低风险、简化复杂性、增强安全性、追求资产追索权，并提高运营效率的方案。通过优质的数字资产托管服务商，投资者不必担心跟踪或保存私钥的问题，也不用担心中心化交易所面临的破产、金融不稳定或政府监管等风险。优质的数字资产托管服务商还应将数字资产存储在安全且受监管的环境中，且有完善的潜在补救措施为机构客户提供确定性和保险方案。
By collating the evolution of digital asset hosting over more than a decade, we find that good custodians should be able to provide low-risk, simplified complexity, enhanced security, asset recovery and more efficient operations for institutional digital asset holders. Through high-quality digital asset custodians, investors need not worry about tracking or preserving private keys, nor about the risks of bankruptcy, financial instability, or government regulation of centralized transactions.
我们将值得机构用户考虑的6大参考因素罗列出来，根据其重要性，我们一一分析。
We list the six main reference factors that merit consideration by institutional users, and we analyse them one by one, depending on their importance.
安全和技术支持是重中之重，一些托管提供商构建和维护自己的基础设施，其他托管提供商则使用合格技术提供商的基础设施。但都需要机构投资者认真考察托管商的技术能力。
Security and technical support are of the utmost importance, with some hosting providers constructing and maintaining their own infrastructure, while others use the infrastructure of qualified technology providers. However, institutional investors are required to carefully examine the technical capabilities of the custodians.
审计和合规：在美国等部分司法管辖区，传统的金融托管人和部分托管商受到监管。但目前多数数字资产相关服务商都还不受政府监管，缺乏明确的法律监管范围和合同标准，这些特点为投资者带来了显著的风险和合规难题。在这样的情形下，定期或高频率的审计能保证托管商持续的履行安全义务。灵活高效可以说是近年来新催生的对托管服务商的要求。因为机构投资者除了希望资产安全，还需要通过托管方对自己资产的合理的配置与操作获取利润。
Audit and compliance: In some jurisdictions, such as the United States, traditional financial trustees and some custodians are regulated. But most digital asset-related service providers are not currently regulated by the government, and lack clear legal regulatory scope and contract standards, which pose significant risks and compliance challenges for investors.
行业记录其实是托管商信誉和服务能力的体现。数字资产托管领域（或者在整个数字资产行业）的历史记录展示了托管商的可靠性、抗风险能力以及对客户需求的理解能力。
Business records are, in fact, the reputation of the custodian and the ability to service. Historical records in the field of digital asset hosting (or throughout the digital asset industry) demonstrate the reliability of the custodian, the resilience to risk and the ability to understand the needs of the client.
4.ChainUp Custody超过100亿美元的托管服务
4. ChainUpcustody over $10 billion hosting services
总部位于新加坡的ChainUp于2017年创立，以其卓越的区块链技术引领着企业蓬勃发展。作为一家端到端的区块链技术企业，ChainUp在不断演进的数字化经济中，通过其引领创新和驱动变革的理念，为客户提供了多样化的服务。其中，其备受瞩目的ChainUp Custody团队，凭借多年的经验和深厚的专业知识，为全球范围内的300多家机构用户提供了超过100亿美元的托管服务。ChainUp Custody团队更是以其四大优势在数字资产托管领域树立了新的标杆。
As an end-to-end block chain technology firm, ChainUp provides diversified services to clients in the evolving digital economy through its philosophy of leading innovation and driving change. Among these, its high-profile ChainUpcustody team, with its many years of experience and profound expertise, provides over $10 billion in hosting services to more than 300 institutional users around the world.
首先，ChainUp Custody背靠ChainUp，在业内拥有良好的信誉基础，一直是技术服务领域的佼佼者。无论是在专业度、行业生态，还是在全球化布局与规划等方面，都具备较高的行业壁垒和品牌优势。
First of all, ChainUpcustody, who has a good reputation base in his industry, has been a champion of technical services. High industry barriers and brand advantages, both in terms of professionalism, industry ecology, and globalization layout and planning.
其次，ChainUp Custody的多层次安全架构是其优势的关键之一。在数字资产的托管过程中，安全性是不可忽视的重要因素。ChainUp Custody深谙这一点，通过多重安全层次，包括硬件保护、加密技术和实时监测等，确保数字资产的安全存储和灵活使用，从而在不断增长的威胁环境中保护客户的资产免受风险。
ChainUp Custery’s multi-layered security architecture is one of the keys to its strength. In hosting digital assets, security is an important factor that cannot be ignored.
第三，其灵活的托管解决方案为客户提供了高度的定制性。ChainUp Custody理解每个机构都有其独特的需求和风险承受能力。因此，他们提供多样化的托管选项，甚至能帮助客户探索和参与新的商机和资产类别，以满足不同机构的具体要求。无论是长期保管还是灵活的资产转移（包括但不限于买入并持有、平掉主要仓位、积极交易、参与质押（Staking）以及治理），都能得到量身定制的解决方案。
Third, its flexible hosting solution provides clients with a high degree of customization. ChainUpcustody understands that each institution has its own unique needs and risk tolerance. Thus, they offer diversified hosting options that can even help clients explore and participate in new business opportunities and asset classes to meet the specific requirements of different institutions.
最后，专业且高效的技术服务是ChainUp Custody的又一优势。其团队是由一群经验丰富、技术娴熟的专业人士（已获得SOC2 Type1认证）组成，为客户提供7*24小时的技术支持和服务。无论是日常操作还是紧急情况，客户可以始终依赖于他们的专业，让资产托管将变得容易和轻松。
Finally, professional and efficient technical services are another advantage of ChainUp Custery. Its team consists of a group of experienced and skilled professionals (certified by SOC2 Type1) who provide 7* 24-hour technical support and services to clients.
5.数字资产托管服务的挑战与未来
5. Challenges and the future of digital asset hosting services
Messari 的年度报告曾把数字资产托管描述为 “数字资产与传统金融世界道路交汇的地方”。随着数字资产托管在金融生态中的重要性逐渐提升，一系列重要挑战也随之浮现，涵盖了安全性、监管环境以及解决方案是否灵活等多个层面。
Messari's annual report describes digital asset hosting as “where digital assets intersect with traditional financial world paths.” As digital asset hosting grows in importance in the financial ecology, a number of important challenges emerge, encompassing multiple dimensions of security, regulatory environment and flexibility of solutions.
首先，数字资产是金融与技术创新的结合体，其安全还依赖于托管平台技术层面的能力和保障。近年来，黑客对数字资产交易所的攻击频发，致使巨额损失，引发了金融机构对于资产安全的更深层担忧。不仅如此，交易所本身的安全性也深受交易所声誉和基础设施的影响。FTX交易所的倒闭事件就是一个生动的例子，暴露了交易所因为缺乏信誉和风控导致了客户资产的巨大损失的隐患。因此，机构对于自托管解决方案或信誉良好的数字资产托管机构的倾向逐渐增加，以确保资产的安全。ChainUp Custody融合了MPC（多方计算）、硬件隔离、离线签名、链上审计等领先技术，以确保数字资产的安全存储和转移。其系统安全性极为坚固，不失为市场上最为可靠的选择。
In the first place, digital assets are a combination of financial and technological innovation, and their security depends on the technical aspects of hosting platforms. In recent years, hacker attacks on digital asset exchanges have been frequent, causing huge losses and raising deeper concerns among financial institutions about asset security.
其次，虽然全球范围内的法律环境对数字资产变得更加包容，但数字资产托管的监管却相对分散，缺乏统一和明确的规定。合格托管人一是在资质上需要获得相应的许可和牌照，二是平台本身需要在内部风控、反洗钱合规、技术等方面达到行业最高标准，尤其对于那些业务遍布全球的家族办公室和投资基金而言，选择合适的数字资产托管服务在不同司法辖区内成为一项具有挑战性的任务。
Second, while the global legal environment is becoming more inclusive of digital assets, the regulation of digital asset hosting is relatively fragmented and lacks uniform and clear provisions. A qualified trustee needs to obtain the appropriate licences and license plates in terms of qualifications, and the platform itself needs to meet the highest industry standards in terms of internal control, anti-money-laundering compliance, technology, etc. The selection of suitable digital asset hosting services is a challenging task in different jurisdictions, especially for family offices and investment funds with global operations.
第三，解决方案是否灵活也是数字资产托管面临的关键问题。托管商需要提供多样性的选择，以确保机构客户能够根据其策略和风险承受能力来定制最适合的托管方案。这种灵活性不仅能够提升客户的满意度，还有助于更好地应对市场的变化和机遇的涌现。ChainUp Custody致力于简化数字资产操作流程，为客户提供定制化的存款、提款和冻结自动审批流程，同时提供投资组合管理工具，轻松管理区块链业务。此外，ChainUp Custody还提供API接口，可快速实现技术对接，实现交易流程全自动化，从而消除开发过程中的不必要复杂性。
Third, the flexibility of the solution is also a key issue for the hosting of digital assets. The custodian needs to provide a diversity of options to ensure that institutional clients can customize the most suitable hosting options according to their strategy and risk tolerance. This flexibility not only enhances client satisfaction, but also helps to better respond to changes and opportunities in the market. ChainUp Custer is committed to simplifying the digital asset operating process, providing customers with customized deposits, withdrawals, and freezing automatic approval processes, while providing portfolio management tools to ease the management of sector chain operations.
在未来，数字资产市场的不可避免的增长趋势已成定局。在这一领域，ChainUp Custody经过多年的深耕，不论是在技术的全面性还是前沿性方面，都处于行业的领先地位。我们相信，通过其数字资产管理和技术解决方案的实施，将为所有的机构客户提供更高的安全标准，为整个行业的进步与发展注入新的活力。
In the future, the inevitable growth trend in the digital asset market has come to an end. In this area, ChainUpcustody has been at the forefront of the industry for many years, both in terms of the comprehensiveness and frontier of technology.
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