fiat currencies</strong></a>. Banknotes are generally kept in physical locations, such as safes or <strong>wallets</strong>. Cryptocurrencies, on the other hand, are contained solely in a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain./nCryptocurrency holders possess keys that unlock their blockchain addresses which hold their cryptocurrency assets. Software-based <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hot-wallet/">hot wallets</strong></strong></a> or physical <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cold-wallet/">cold wallets</strong></a> represent the custodian of cryptocurrency. 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Cryptocurrencies?","featured_image_id":10342,"status":"published","chapter_id":7,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/where-to-trade-crypto","featured_image":{"id":10342,"uuid":"0bd8d78a-9423-48ee-9161-34dc1872b97c","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/where-to-trade-crypto-featured-image.jpg","path":"crypto/storage/optimized/where-to-trade-crypto-featured-image.jpg","original_path":"crypto/storage/original/where-to-trade-crypto-featured-image.jpg","name":"where-to-trade-crypto-featured-image.jpg","original_name":"where-to-trade-crypto-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"85.96KB"},"youtube_video":null},{"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","featured_image_id":10729,"status":"published","chapter_id":7,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-invest-in-crypto","featured_image":{"id":10729,"uuid":"3439a1db-9892-404a-b4b6-a1db5a34bca4","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/how-to-invest-in-crypto-featured-image.jpg","path":"crypto/storage/optimized/how-to-invest-in-crypto-featured-image.jpg","original_path":"crypto/storage/original/how-to-invest-in-crypto-featured-image.jpg","name":"how-to-invest-in-crypto-featured-image.jpg","original_name":"how-to-invest-in-crypto-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"75.22KB"},"youtube_video":null},{"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the One?","featured_image_id":11310,"status":"published","chapter_id":7,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/ico-vs-ido","featured_image":{"id":11310,"uuid":"315e8a2b-93a1-4870-be48-a2a09d801663","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/ico-vs-ido-featured-image.jpg","path":"crypto/storage/optimized/ico-vs-ido-featured-image.jpg","original_path":"crypto/storage/original/ico-vs-ido-featured-image.jpg","name":"ico-vs-ido-featured-image.jpg","original_name":"ico-vs-ido-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"64.39KB"},"youtube_video":null},{"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get Them?","featured_image_id":11359,"status":"published","chapter_id":7,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-an-airdrop","featured_image":{"id":11359,"uuid":"7b43c968-1275-4d3e-acb1-1707a43a4014","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","path":"crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","original_path":"crypto/storage/original/what-is-an-airdrop-featured-image.jpg","name":"what-is-an-airdrop-featured-image.jpg","original_name":"what-is-an-airdrop-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"66.05KB"},"youtube_video":null},{"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":6,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-arbitrage-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-fud","title":"What is FUD: How to Use It to Your Advantage While Investing in Crypto?","featured_image_id":11394,"status":"published","chapter_id":7,"language":"en","order":7,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-fud","featured_image":{"id":11394,"uuid":"defd32c5-d3e1-4e66-9f58-e2ee316bad3a","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-fud-featured-image.jpg","path":"crypto/storage/optimized/what-is-fud-featured-image.jpg","original_path":"crypto/storage/original/what-is-fud-featured-image.jpg","name":"what-is-fud-featured-image.jpg","original_name":"what-is-fud-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"65.30KB"},"youtube_video":null},{"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your Risks?","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":8,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/investing-in-cryptocurrency","featured_image":null,"youtube_video":null},{"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in Crypto?","featured_image_id":6532,"status":"published","chapter_id":7,"language":"en","order":9,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-a-rug-pull-in-crypto","featured_image":{"id":6532,"uuid":"be8043fb-078c-4487-9af9-d2d9c2b574ea","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","original_path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.jpg","name":"what-is-a-rug-pull-in-crypto.o.jpg","original_name":"what-is-a-rug-pull-in-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"92.28KB"},"youtube_video":null},{"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto Taxes","featured_image_id":6526,"status":"published","chapter_id":7,"language":"en","order":11,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-crypto-taxes","featured_image":{"id":6526,"uuid":"1e44162c-ef1d-4010-81b4-9e8d1809aedf","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","path":"crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","original_path":"crypto/storage/media/how-to-avoid-crypto-taxes.jpg","name":"how-to-avoid-crypto-taxes.o.jpg","original_name":"how-to-avoid-crypto-taxes.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"99.10KB"},"youtube_video":null}]},{"id":8,"title":"Crypto Analysis","slug":"crypto-analysis","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-analysis.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-analysis-101.jpg","rating":100,"sections":[{"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-bullish-and-bearish","featured_image":null,"youtube_video":null},{"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know About","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/best-technical-analysis-indicators-for-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-candlesticks","featured_image":null,"youtube_video":null},{"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":227,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Cypherpunk?","slug":"what-is-cypherpunk","section":"C","keyword":"Cypherpunk","status":"published","definition":"a movement focused on cryptography and privacy-focused technologies.","content":"<p><strong>Cypherpunk</strong> is an activist movement that originated in the late 1980s. It advocates for personal privacy and freedom through the use of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptography/">cryptography.
/nCryptography, as many new computer technologies at the time, was initially used exclusively by governmental agencies and military departments. In the 1970s, <strong>the US National Bureau of Standards</strong> (now the National Institute of Standards and Technology) and the National Security Agency (NSA) published the <a href=https://www.bitdegree.org/"https://en.wikipedia.org/wiki/Data_Encryption_Standard/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Data Encryption Standard</strong></a> algorithm, which was developed by IBM.</p>\n<p>In 1976, Whitfield Diffie and Martin Hellman authored the <a href=https://www.bitdegree.org/"https://ee.stanford.edu/~hellman/publications/24.pdf/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong><strong>New Directions in Cryptography</strong></strong></a> paper. Diffie and Hellman are considered to be the pioneers of public-key cryptography.</p>\n<p>The Cypherpunk movement came together inspired by the two publications on cryptography. In 1992, Cypherpunks established a mailing list which in two years gained <strong>700 subscribers</strong>. By 1997, around 2000 users were part of the Cypherpunks mailing list.</p>\n<p>The mailing list was used to talk about subjects such as computer science, cryptography, and mathematics. The Cypherpunks would also discuss the topics of <strong>politics</strong> and philosophy and question the issues related to government surveillance and corporate control. Between 1996 and 1999, roughly 30 messages would be transmitted daily.</p>\n<p>One of the key goals for Cypherpunks was to bring their concepts of widely available cryptography to the real world. Cypherpunks worked on numerous cryptography-based applications. Their technological developments are used to this day.</p>\n<p><strong>Some of the projects that Cypherpunks developed</strong> or contributed to are the secure data communication program <a href=https://www.bitdegree.org/"https://en.wikipedia.org/wiki/Pretty_Good_Privacy/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Pretty Good Privacy (PGP)</strong></a> and anonymous communication software <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-tor/">Tor.
/nCryptography played a massive role in the development of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrencies. Many of the people referenced in the Bitcoin <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-whitepaper/">whitepaper were part of the Cypherpunks movement, and their ideas were implemented in the development of blockchain technology.</p>\n<p>Some of the well-known names in the crypto world, such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-adam-back/">Adam Back</strong></a> or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-nick-szabo/">Nick Szabo</strong></strong></a>, are members of the Cypherpunk movement.</p>","level":"medium","meta_title":"What is Cypherpunk? Definition & Meaning | Crypto Wiki","meta_description":"Cypherpunk meaning: Cypherpunk - a movement focused on cryptography and privacy-focused technologies.","meta_keywords":null,"language":"en","created_at":"2022-03-01T09:35:04.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-cypherpunk"},"prevSection":{"id":225,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Currency Crisis?","slug":"what-is-currency-crisis","section":"C","keyword":"Currency Crisis","status":"published","definition":"a financial emergency event caused by the fiat currency of a state losing its value, leading to reduced investments in the state’s assets.","content":"<p>A <strong>currency crisis</strong> is an event caused by concerns over a country’s central bank’s ability to keep the currency stable with sufficient foreign exchange reserves. In some instances, the term ‘currency crisis’ may be used interchangeably with ‘financial crisis’.</p>\n<p>A speculative attack occurs in foreign exchange markets when a currency that is trying to maintain a <strong>pegged exchange rate</strong> is suddenly attacked by speculators. A shortage of foreign currency reserves to purchase enough domestic currency can lead to the pegged value dropping significantly.</p>\n<p>If a currency is devalued, people influenced by the situation may <strong>panic-sell it</strong> at rates that are far lower than acceptable. This leads to further depreciation of the currency.</p>\n<p>Currency crises cause significant damage to small-scale open economies or less stable countries. Governments have to take the responsibility for <strong>fending off speculative attacks</strong>. In this case, the currency reserves or foreign reserves must meet the excess demand for the currency experiencing the crisis.</p>\n<p>There are numerous causes for currency crises. Some of the most prominent are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-inflation/">inflation, <strong>credit unbalancing</strong>, debt rise, and political troubles. The high <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volatility/">volatility of currency exchange rates in the national economy can also influence a currency crisis.</p>\n<p>There have been several instances of <strong>financial crises</strong> throughout history, including:</p>\n<ul>\n<li>The Great Depression (1929-1939) – following the Wall Street crash in 1929, a financial crisis started, leading to unemployment levels of 25%;</li>\n<li>The 1997 Asian Crisis – caused by speculative capital flows, it led to massive credit and debt accumulation in Thailand, later affecting all of East Asia;</li>\n<li>The 2007-08 Global Financial Crisis – the first global-scale financial crisis of the 21st century that is considered to be one of the worst economic crashes in history. It started in the US after the investment bank Lehman Brothers declared bankruptcy.</li>\n</ul>\n<p><a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a>, the world’s first <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency, was founded in November 2008 and officially launched in January 2009. It was created by an unknown entity going by the pseudonym <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-satoshi-nakamoto/">Satoshi Nakamoto</strong></a>. The goal was to create a fully <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized digital currency that would not be controlled by central banks.</p>\n<p>In 2010, the value of one BTC was below a dollar. In November 2021, over a decade since its inception, <strong>Bitcoin reached its peak at around $69,000 per coin</strong>. It is considered to be the biggest cryptocurrency in the world by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-market-capitalization-market-cap-mcap/">market capitalization</strong></a>.</p>\n<p>Although, unlike <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fiat/">fiat money</strong></a> which is more prone to currency crises, cryptocurrencies are <strong>decentralized and highly volatile</strong>. However, the volatility of crypto makes some investors feel wary.</p>","level":"medium","meta_title":"What is Currency Crisis? Definition & Meaning | Crypto Wiki","meta_description":"Currency Crisis meaning: Currency Crisis - a financial emergency event caused by the fiat currency of a state losing its value, leading to reduced investments in the state’s assets.","meta_keywords":null,"language":"en","created_at":"2022-03-01T09:20:28.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-currency-crisis"},"currentChapter":"C","currentSection":"what-is-custodian","chapterTitle":"C","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-custodian","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter C
What is Custodian?
Custodian MEANING:
Custodian -
a business responsible for the safekeeping of financial assets in its custody on behalf of an individual or an institution.
Let's find out Custodian meaning, definition in crypto,
what is Custodian,
and all other detailed facts.
A financial custodian, or a bank custodian, is a business responsible for holding the financial assets on behalf of an individual or a business in its custody. Brokerage firms, commercial banks, and similar financial institutions can play the role of financial custodians.
Custodians hold physical authority over financial accounts such as 401k, savings, or checking. If an entity deposits funds into the account, the custodian receives the checks against the appropriate account number.
Account management, foreign exchange transactions, tax assistance, payment collections, and transaction settlements are among the services provided by custodians. Clients can be charged at varying rates, depending on the service itself and its provider. In some cases, based on the value of assets in possession, clients may be charged a quarterly fee.
Organizations acting as custodians are typically large-scale and hold a reputation for upkeeping the security of assets worth millions or, in some cases, billions of dollars. The role of a custodian can be taken up by both individuals and companies.
A custodian is often used in the context of the entity entrusted to handle the assets of a minor until they reach adulthood. The term can also be used by investment advising companies regarding the funds that they manage for their clients.
The power of attorney acts as a custodian function, allowing the entrusted party to claim the custody of assets on behalf of another party. The custodian is then able to make decisions regarding financial operations.
Some of the biggest custodian organizations in the US are The Bank of New York Mellon, JPMorgan Chase, and Citigroup. Other international organizations that serve the custodian purpose are Credit Suisse in Switzerland, Deutsche Bank in Germany, and HSBC in the UK.
In the context of the crypto market, custodian services typically relate to institutional investors who hold a significant amount of cryptocurrency. Cryptocurrency exchange platforms that store wallets play the role of custodians.
Due to the digital nature of cryptocurrencies, the process of holding them differs from that of physical fiat currencies. Banknotes are generally kept in physical locations, such as safes or wallets. Cryptocurrencies, on the other hand, are contained solely in a blockchain.
Cryptocurrency holders possess keys that unlock their blockchain addresses which hold their cryptocurrency assets. Software-based hot wallets or physical cold wallets represent the custodian of cryptocurrency. They are known as Digital Asset Custodians and are secured by cryptocurrency exchange platforms.
Cryptocurrency custodian solutions are systems designed with enhanced security and storage functionality. The recipients of these services are typically institutional clients who have significant crypto holdings. Custodians can use a combination of hot and cold cryptocurrency storage tools.
While the cryptocurrency custodian industry is relatively new, it is already seeing increasingly growing competition. Some established solution providers hold a large market share. However, new solutions are being developed and small decentralized finance (DeFi) organizations, like BitGo and Coinbase Custody, are gaining traction.
