Institutions are not building their own digital asset infrastructure, they are renting it
Every adoption thread seems to assume banks and funds are quietly building their digital asset infrastructure in-house — wallets, key management, settlement rails, all of it. But from what I’ve seen, that’s mostly not happening.
The institutions I’ve come across looked at what it would actually take to build secure key management and stay compliant across jurisdictions, then decided to rent the whole stack from someone who already has the licenses and audits in place.
Which makes me think the more interesting question for ETH isn’t whether institutions show up, but whose infrastructure they show up on. That provider could end up being the gatekeeper for which protocols and assets those institutions can actually access.
Has anyone here actually seen a serious institution build this stuff themselves rather than buying it?