• Key insight: The crypto industry is entering an era of “co-opetition,” in which rival companies simultaneously cooperate and compete for mutual benefit.
• What’s at stake: Institutions that centralize everything with one provider may find themselves out of alignment with supervisory expectations.
• Forward look: As digital asset markets mature, the firms that embrace co-opetition will be better positioned than those attempting to own every layer.

For years, crypto’s largest firms have promised institutions they could bring all their business under one roof — a one-stop shop. Trade here. Custody here. Stake here. Borrow here. Settle here. A single team with deep expertise would meet a firm’s every need. 

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It sounds efficient,…