BitGo vs. Zodia vs. Anchorage: A Full Comparison of the Three Major Crypto Custody
In 2025, crypto asset custody has evolved from a backend infrastructure to a key gatekeeper for institutional entry.
As Bitcoin and Ethereum spot ETFs gain full approval, and with the rise of RWA (Real World Assets) tokenization, questions like “Who’s the custodian?”, “Is custody compliant?”, and “Is the asset insured?” have become critical for institutional allocators evaluating ETFs or exchanges.
Among all options, BitGo, Zodia Custody, and Anchorage Digital have emerged as the leading crypto custodians in the U.S. and Europe. Backed by major financial institutions, these three firms now offer increasingly differentiated approaches in compliance, client structure, and technology integration.
1. BitGo: Early Mover Focused on Compliance + Tech Flexibility
- Founded: 2013
- Headquarters: Palo Alto, California
- Assets Under Custody (Q1 2025): Over $80 billion
- Regulatory Status: Registered as a trust company in South Dakota; BitLicense application ongoing in New York
- Client Base: ETF issuers (e.g., Bitwise), exchanges, institutional wallet services
BitGo’s edge lies in its tech compatibility—supporting assets across EVM chains, Bitcoin, Solana, Cosmos, and more. It offers MPC (multi-party computation), hybrid cold/hot wallet frameworks, and granular permission models for different institutional setups.
Since 2024, with the SEC tightening custody standards, BitGo has shifted toward a regulated trust model, planning to complete full SEC registration by late 2025 to expand into U.S. pension and RIA custody services.
2. Zodia Custody: TradFi Roots, Regulatory-First Model
- Founded: 2020
- Parent Companies: A joint venture between Standard Chartered and Northern Trust
- Headquarters: London, UK
- Assets Under Custody: Estimated $5B+ as of 2025 (exact data undisclosed)
- Regulatory Status: Registered with UK FCA, pre-registered for Ireland’s MiCA compliance
- Client Base: European asset managers, banks, sovereign wealth funds in Singapore/MENA
Zodia Custody represents a traditional finance extension into crypto, operating strictly as a custody and settlement provider, without market-making or brokerage activities. It is fully integrated with the KYC, audit, and operational standards of its banking parents—making it the most institutionally trusted crypto custodian today.
In 2025, Zodia passed ESMA’s early MiCA compliance trial, and is expected to be among the first CASPs (Crypto Asset Service Providers) approved in the EU.
3. Anchorage Digital: The First Federally Chartered Crypto Bank, Betting Big on RWA
- Founded: 2017
- Headquarters: San Francisco, USA
- Regulatory Status: Chartered as a national trust bank under the OCC
- Clients: Visa, Paradigm, a16z, various stablecoin issuers
- Key Features: Institutional compliance, bridges between DeFi and RWA
Anchorage is the only crypto custodian with a federal banking charter, enjoying the highest level of compliance recognition in the U.S. It provides “on-chain settlement accounts” directly to banks, brokers, and ETF issuers—structured just like traditional custodians such as Goldman Sachs or BNY Mellon.
It is also among the most RWA-focused crypto custodians, actively supporting tokenized T-bills, REITs, and other off-chain assets through custody rails that integrate with on-chain protocols like Centrifuge and Maple.
4. Core Comparison Table: Who Fits What Client Type?
| Criteria | BitGo | Zodia Custody | Anchorage Digital |
|---|---|---|---|
| Origin | Tech-native founding team | Traditional banks: Standard Chartered & Northern Trust | Federally chartered bank under OCC |
| Compliance Level | U.S. Trust + BitLicense pending | FCA + Pre-MiCA EU-compliant | Highest: National bank charter |
| Tech Support | Multi-chain, MPC, hybrid wallets | Standardized KYC, limited chain support | Strong RWA support, full ID binding |
| Ideal Clients | ETF issuers, exchanges, Web3 orgs | TradFi asset managers, Asian/MENA funds | U.S. broker-dealers, pension funds, DeFi–RWA connectors |
| Custody Model | Customizable MPC & hybrid setups | Cold wallet custody with bank-style ops | Chain-based compliant custody accounts |
5. How Should Institutions Choose Their Custodian?
- If you’re a Web3-native project, needing multi-chain compatibility, flexible permissions, and integration with trading platforms, BitGo offers the best flexibility.
- If you’re a traditional asset manager or European institution, where auditability, process rigor, and KYC systems matter most, Zodia is the easiest to onboard.
- If you’re a U.S.-based fund, broker, pension provider, or RWA-focused protocol, and require federal compliance and on-chain identity custody, Anchorage is your top choice.
Final Thought: Crypto Custody Is No Longer Just “Cold Wallets”—It’s the Key to Institutional Onboarding
Custody is being redefined. In 2025, it’s no longer just about “storing coins.” It’s about being the infrastructure layer that connects DeFi with TradFi, on-chain with off-chain.
BitGo delivers tech openness,
Zodia bridges trust for TradFi,
Anchorage builds compliant rails for the next generation of tokenized finance.
The real competition isn’t just about security anymore—it’s about who can balance regulation, efficiency, and interoperability in a multi-chain institutional world.
