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BNY Digital Asset Custody vs Coinbase Prime

How BNY Digital Asset Custody vs Coinbase Prime compare on our ratings, custodian specs, funding, pros and cons.

BNY Digital Asset Custody3.2/5
VS
Coinbase Prime4.1/5
Feature
BNY Digital Asset CustodyVisit
Coinbase PrimeVisit
Ratings
Our score3.2/54.1/5
User ratingNo reviews yetNo reviews yet
Security3.54.0
Compliance4.04.0
Asset support1.54.0
Features2.54.5
Support4.04.0
Specs
Custody modelQualified custodian, MPCNot disclosed
ClientsInstitutions, Funds, CorporatesNot disclosed
Regulated Yes Yes
SOC 2 reportNot disclosed Yes
InsuranceParent-company insurance for events such as theft or fraud, shared across all custody clients; excludes market losses (MSBT prospectus, 2026)Up to $320M commercial crime policy (insurer syndicate), shared by all Coinbase customers
StakingNot disclosed Yes
API accessNot disclosed Yes
Licenses & chartersNYDFS state bank charter, Federal Reserve member (US), NBB MiCA crypto custody notification (Belgium)NYDFS limited purpose trust charter (US), NYDFS BitLicense (US), CSSF MiCA CASP authorization (Luxembourg)
MPC YesNot disclosed
Cold storageNot disclosed Yes
Qualified custodian Yes Yes
Company
Founded17842012
HeadquartersUnited StatesUnited States
InvestorsNot disclosedNot disclosed
Strengths and weaknesses
Pros
  • Crypto is held by The Bank of New York Mellon, a New York state-chartered Federal Reserve member bank
  • EU service through BNY SA/NV, listed in ESMA's MiCA register with 30 EEA host countries
  • MPC key management with segregated client wallets
  • Named bitcoin custodian, administrator and transfer agent for the Morgan Stanley Bitcoin Trust
  • Custody at a NYDFS-chartered trust company that acts as a fiduciary under New York Banking Law
  • SOC 1 Type 2 and SOC 2 Type 2 reports cover private key management controls
  • Coinbase generally keeps no more than 2% of custodied assets in hot wallets
  • REST, FIX and WebSocket APIs with TWAP and VWAP order types
Cons
  • Only four assets: BTC, ETH, SOL and USDC
  • Staking with Galaxy was announced in August 2026 subject to regulatory review
  • The MSBT prospectus lists a SOC 1 Type 1 report as BNY's current audit report
  • MiCA scope in the EU covers custody and transfer only
  • The $320 million crime policy is shared by every Coinbase customer
  • $50 million NYDFS penalty in 2023 over anti-money laundering and KYC failures
  • The May 2025 data theft incident led to $311.2 million in cash payments
  • The OCC charter for Coinbase National Trust Company was a conditional approval in April 2026
Best forAsset managers and ETF sponsors that already use BNY for fund services, EU banks and broker-dealers that want a bank custodian listed under MiCA, Corporate treasuries holding bitcoin, ether, Solana or USDCHedge funds that want custody and execution in one account, ETF sponsors and asset managers that need a New York trust company as custodian, Trading desks that route orders over FIX

Highlighted cells show the stronger value in each row. Data comes from each provider's site and public sources; check details before you sign up.