Digivault - a UK-based digital asset custodian - has revealed an eye-watering 30-fold growth in assets stored under custody over the course of 2021.
The 3,000% growth in custodial balance comes amid a climate of heightened awareness surrounding wallet security following on from a spate of crypto heists last year.
Back in August, the Poly Network lost $611m in digital assets in the world's largest ever crypto theft.
Read more: The 5 biggest crypto hacks of 2021!
Digivault CEO Robert Cooper explained that custodial services had risen in prominence during the recent bull run, with the institutional entrance to the space driving significant demand.
"The value of digital assets along with the technology infrastructure that it supports can no longer be ignored, as reflected in the landmark increases in cryptocurrency participation we saw in 2021," he said.
"Our business growth reflects this growing awareness by industry participants to be far more discerning in choosing accredited and regulated service providers."
Digivault set to expand in 2022 after explosive growth
A pioneer of digital asset custodial services in the UK, Digivault became the first standalone custodian to be accredited and registered by the strict British FCA's crypto asset regime.
With regulatory agency approval and no shortage of demand, Cooper outlined plans to extend present custodial offerings to include a diverse range of digital assets in the coming year as part of expansion efforts at the firm.
"In the year ahead, we will maintain our focus on lifting the industry standards, driving greater awareness of ways to safely participate in the marketplace and protecting our customers by continuing to expand the list of assets we are able to securely store for them," added the CEO.