The $6.3 billion Binance hack could accelerate a shift in how investors value cryptocurrency companies, putting a greater premium on custody providers and the infrastructure needed to securely hold and protect digital assets.

Much of crypto’s evolution this year has involved companies moving past their reliance on trading volumes and transaction fees, to focus instead on building the infrastructure connecting digital assets with traditional finance. Last Thursday’s breach adds a new dimension, bringing cybersecurity, custody, compliance and balance-sheet resilience into sharper focus.

Importantly, the Binance breach was not an indictment of crypto itself, or a case of leadership-driven fraud, as with FTX…