BNY Digital Asset Custody vs Fireblocks

BNY Digital Asset Custody3.2/5

VS

Fireblocks4.3/5

Feature	BNY Digital Asset CustodyVisit	FireblocksVisit
Ratings
Our score	3.2/5	4.3/5
User rating	No reviews yet	No reviews yet
Security	3.5	4.0
Compliance	4.0	4.0
Asset support	1.5	5.0
Features	2.5	4.5
Support	4.0	4.0
Specs
Custody model	Qualified custodian, MPC	Qualified custodian, MPC, HSM, Self-custody software
Clients	Institutions, Funds, Corporates	Institutions, Funds, Corporates
Regulated	Yes	Yes
SOC 2 report	Not disclosed	Yes
Insurance	Parent-company insurance for events such as theft or fraud, shared across all custody clients; excludes market losses (MSBT prospectus, 2026)	Not disclosed
Staking	Not disclosed	Yes
API access	Not disclosed	Yes
Licenses & charters	NYDFS state bank charter, Federal Reserve member (US), NBB MiCA crypto custody notification (Belgium)	NYDFS limited purpose trust charter (US), FinCEN MSB registration (US), State money transmitter licenses in 37 states and DC (US)
MPC	Yes	Yes
Cold storage	Not disclosed	Yes
Qualified custodian	Yes	Yes
Company
Founded	1784	—
Headquarters	United States	United States
Investors	Not disclosed	D1 Capital Partners, Spark Capital
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	Qualified custody through NYDFS-chartered Fireblocks Trust alongside self-custody software Thousands of assets across more than 200 blockchains SOC 2 Type 2 with zero material findings, plus ISO 27001 and CCSS QSP Level 3 Air-gapped MPC cold wallet and an HSM option (KeyLink) for banks
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	Key-loss claims from StakeHound and the Celsius plan administrator Licenses are US-only, with no MiCA or other non-US authorization listed Custom plans start at $36,000 a year
Best for	Asset 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 USDC	Exchanges and payment companies building in-house custody, Funds and RIAs that need a New York qualified custodian, Fintechs launching embedded or white-label wallets

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