Traditional finance custodians such as Northern Trust and BNY Mellon have been wary of entering the crypto market due to the regulatory and market risks, but Architect Partners expects that to change in the future, which would represent “both a threat and an opportunity for those building specialized digital and crypto asset custody businesses.” The crypto winter has also put pressure on custodians and has slowed or stalled growth of assets under custody, leading to flat or declining revenues and recruiting financial staying power and conviction that an upturn is coming,” according to Architect Partners.