PayBitoPro Witnesses a Record High in Custodial Service Seekers

A steep rise in the number of custody solution seekers is indicative of a major expansion in the number of institutional investors.

Global digital asset exchange PayBitoPro outs out an all-time high number of seekers of its custodial service. This number has reportedly undergone a notable 42.5 % increase since the beginning of the last quarter of 2021.

Also Read: PayBitoPro Chief Discusses Decentralization of Currency System with African Youth

Understanding Custody Solutions 

Cryptocurrency custody solutions may be defined as third-party providers of secure storage services for cryptocurrencies. Their services are mainly for institutional investors, who hold large amounts of cryptocurrencies. The PayBitoPro custody solutions incorporate a combination of hot storage, or crypto custody connected to the Internet, and cold storage, or crypto custody that operates offline or disconnected from the Internet. 

The massive rise of cryptocurrency in 2021 is followed through this year, an instance of which translates to the overall high number of wallet and custodial service seekers.

Also Read: Crypto CFDs: Decoding Maximum Investment Opportunities and Associated Risks

CEO’s Words

“We are currently dealing with a sizable crowd seeking custody service outside of our regular traffic of exchange service and solutions seekers,” revealed PayBitoPro chief and blockchain pioneer, Raj Chowdhury.

The fact that the rising demand for custody solutions is indicative of a rise in institutional crypto investors implies that a large number of business houses and financial institutions now place their trust in crypto. This further points to industry-wide adoption of blockchain technology. In the words of Chowdhury, “This further translates to a quick expansion of the crypto markets and a serious interest in crypto by large institutions.”

Also Read: HashCash to Develop Blockchain Prototype for Asset Optimization

PayBitoPro Developments

Custody service equates to security on many levels. This is true, especially with hot storage facilities. Here login credentials are online and at a higher risk of hack than in the case of cold storage. PayBitoPro applies adequate security measures ensuring the hot storage does not compromise in secure or slower connections.

Moreover, PayBitoPro has recently announced a new project wherein it delivers gaming-exchange technology to a US-based firm. PayBitoPro has previously been in the news after earning a crowd of followers for its crypto-collateralized lending platform. The company leaves an impressive trail on its way to securing the top spot among crypto exchanges in the US.

Also Read: Turkey to Set up Committee for Analysis of Metaverse and Crypto

Wrapping up

Garnering supporters for its secondary services happens to be a benchmark in the progression of PayBitoPro. While its native product, crypto exchange architecture outshines the other services, this news is worth breaking.

Source: https://finance.yahoo.com/news/paybito-observes-high-traffic-custodial-080000331.html