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ManagingRiskforthe
NextWaveofDigital
Currencies
July2023
ByBernhardKronfellner,StevenAlexanderKok,JamesMackintosh,andChristianN.Schmid(BCG);
MikeBalestrino(BCapital);andSamirGhosh(FalconX)
01MANAGINGRISKFORTHENEXTWAVEOFDIGITALCURRENCIES
ManagingRiskfortheNextWaveofDigitalCurrencies
Thedigital-currencymarketplacehasbeeninturmoilsincethecurrent“cryptowinter”beganinmid-2022.Holdingshavebeenbreached,fraudulentandillicitschemeshavebeenrevealed,anddigital-currencyofferingshavelostvalue,makingtherisksmoreevident.
(Foranoverviewofwhatledtothecryptowinter,andofwherethingsstandnow,seethesidebar“DeFiSummer,CryptoWinter,andtheFuture.”)RecentactionsbytheUSSecuritiesandExchangeCommission(SEC)havefurtherensuredthattherisksofdigitalcurrencywillbetopofmindforinvestorsforsometimetocome.
Atthesametime,digitalcurrenciesareheretostay.Theirprimaryfunction—toholdandtransfervaluewithoutacentralauthorityvalidatingandprocessingtransactions—willcontinuetobeattractivetoinvestorsandotherfinan-cialservicescustomers.Inaddition,therapid
paceof
innovation
continues.Financialinstitutionshaveadutytoprovidethesamelevelofasset-specificofferings,capabili-ties,andguardrailsthattheydowithothercomparableassetclasses.
Thispresentsfinancialinstitutionswithaseriesofstrategicchallenges.Chiefriskofficers(CROs)shouldbeaskingtwoquestions.First,whatarethemostimportantnewrisksassociatedwithdigitalcurrencies?Second,howtobestmanagethoserisks?Forboththesequestions,financialinstitutionsneedtopayattentiontothefactorsuniquetodigitalcurrencies—requiringnewpractices,methods,andwaysofthinking.
Inthisarticle,weaimtodescribetherisksthatcomewithsupportingandofferingdigitalcurrencies,aswellasappro-priatetoolsandmethodstomitigatethem.Aslongasclientsdemandaccesstodigitalcurrencies,frombasiconestostablecoinsandevencentralbankdigitalcurren-cies(CBDCs),theserisk-mitigationtoolsshouldbecomepartoftheoperatingmodelofmostbanksandfinancialservicesorganizations.
RisksAssociatedwithDigitalCurrencies
Whiledigitalcurrenciesareavailableinavarietyofformsandflavors
(seethesidebar“AGuidetoDigital-Currency
ProductsandServices”)
,theycanallbeassessedagainstcommonriskcategoriesrelevanttofinancialinstitutions.
Exhibit1
showsthesecategoriesarrangedroughlyinorderofthesourceofrisk—frombroadmarketforcestoparticu-laractorsinthedigital-currencyecosystemtogapsinthefinancialinstitution’sownrangeofcapabilities.
Thedigital-asseteconomyisnowinaperiodofregrouping.
BOSTONCONSULTINGGROUP+BCAPITAL+FALCONX04
MainProducts
MainServices
AGuidetoDigital-CurrencyProductsandServices
DigitalCurrencies.Thesevirtualcurrencies—Bitcoin,Ethereum,andmanymore—arecommonfinancialproductsthatallleverageblockchaintechnology.Manyofthemhavevalueprimarilyasspeculativeinvestmentvehi-cles,whichincreasestheirvolatilityandthusaffectstheirriskprofile.
Somedigital-currencyofferings(“coins”)havenon-specula-tivevalue.Theyareutilitarian,withusecasesthatincludecarrentalsandthetracingofgoodsalongasupplychain.Becausedigitalcurrenciesareonlyminimallyregulated,ahighlevelofriskmonitoringandmitigationisconsideredbestpracticeforallofthem,eventhosewithprimarilyutilitarianvalue.
Digitalcurrenciesrequireasystemofverificationtovali-datetheintegrityofeachnewcoin.Theydothisbylinkingitcrediblytotheblockchain.Therearetwoprimaryap-proaches.Inproof-of-work(PoW)verification,eachnewcoinmustbegeneratedthroughmathematicalcomputa-tion,witheachsuccessivecoinrequiringhigherlevelsofprocessingpower.Proof-of-stake(PoS)digitalcurrenciesverifythevalueofeachdigitalcointhroughaffirmationbycurrentcurrencyholders,qualifiedbythenumberofcoinstheyalreadyhave“staked”(committedtokeepilliquid).
AtypicalPoSsystemismoreresistanttocyberattackandusesmuchlessenergythanitsPoWcounterparts.Ethere-umconvertedfromPoWtoPoSinSeptember2022,be-comingthemostprominentdigitalcurrencytodoso.
Stablecoins.Thesearedigitalcurrencieswhosevalueispeggedtothevalueofanothercurrencyorcommoditybythealgorithm.Theytendtobebackedbyotherfinancialassetsascollateralandarethusrelativelyprotectedfromsomerisks.Ifachain’stokeniscollateralized,thedigitalcurrencyislikelytobeastablecoin.
CentralBankDigitalCurrencies(CBDCs).CBDCsareaformofdigitalcurrencybeingconsideredbysomecentralbanksornationalgovernments.CBDCswouldbereleasedthroughanationalfinancialinfrastructurethatwouldmanagethedigitalledgersystemandverification.
CentralizedExchangesandBrokerages.Thesehubsandplatformsenablepeopleandinstitutionstotradedigitalcurrencieswithfiatcurrenciesorwithoneanother.Exchangesfacilitatepricediscoveryandmatchordersamongparticipants.Brokeragesfacilitatepricediscoveryandtransactionsacrossexchanges.Bothexchangesandbrokeragesprovideadditionalservicesrelatedtocreditandderivatives.
Digital-CurrencyStorageServices.Alsoknownascryptowalletservices,thesemaybeofferedbybanksorthird-par-tyentitiestofacilitatethemanagementandsafekeepingofdigitalcoins,protectingthemfrombeinghackedandenablingtherecoveryoflostkeys.Theyalsoprovidequali-fiedstoragewhenrequiredbyregulations.Coldwallets,whichhaveonlyanintermittentconnectiontotheinternet,aresaferfromcyberattackthanmore-connectedoptions.Hotwallets,whichmaintainaninternetconnection,allowformoreconvenientexchangesandtransfersoffunds.
Payment-ProcessingServices.Retailersandotherswhoreceivepaymentsindigitalcurrencyusetheseservicestomanagetheprocess.Theseservicesarealsousedforconversionfromonedigitalcurrencytoanother.
CustodyServices.Otherservicesincludedigital-currencymanagement,inwhichintermediariesactonbehalfofthecurrencyowner,andsecurityservicesthatoverseeencryp-tion,safeguardprivatekeys,andperformsomeoftherisk-mitigationfunctionsdescribedinthisarticle.
05MANAGINGRISKFORTHENEXTWAVEOFDIGITALCURRENCIES
Exhibit1-SevenCategoriesofDigital-CurrencyRisk
1
Marketrisk
Price
volatility
2
Counterpartyrisk
Anotherplayer’sdefault
3
Illicit-?nancerisk
Fraud,moneylaundering,etc.
4
Regulatoryrisk
Continuouslyevolvinglocalgovernmentthinking
5
Securityrisk
Theft,loss,andattack
6
Operationalrisk
Includingsmartcontractsandtechnologicalchallenges
7
Reputationalrisk
Damagetothepublicimage
Source:BCG/FalconX/BCapitalanalysis.
1MarketRisk:PriceVolatility
Theriskofgettingcaughtinaspeculativebubbleormar-ket-drivenpricecashdependsonhowspeculativetheactivityisinadigitalcurrency.Stablecoins,whicharepeggedtofiat-currencyvaluesandholdunderlyingcollater-al(inthepegcurrency,ormoreofteninhighlyliquidassets,suchastreasuries),areoftenmarketedasbeingrelativelyriskfree.Butevenstablecoinscanbevolatile,especiallywhenthecollateralisinadequate(forexample,usingyetanotherstablecoinascollateral),insufficient(notfullybacked),oralgorithmic(stabilizedbyautomaticbalanceagainstanotherstablecoinorunderlyingcollateralpool).
Evenstablecoinscanbevolatile,especiallywhenthecollateralisinadequate,insufficient,oralgorithmic.
Anotherissueistherelativelackofmarketcontrolsthattraditionallyprotectparticipantsfromextremevolatilityandfromborderline-illegalmarketswings(suchaspump-and-dumpschemes).Intherealmofdigitalcurrency,marketcontrolsarestillcatchingup,andthiscanbecomeproblematicwhenafirmisofferingclientsnearreal-timeexchangeforfiatpaymentpurposes.Forexample,havingawalletthatholdsbitcoin,andconvertstofiatatthepointofpurchase,canleadtochallengesintermsofliquidityman-agement,internaltradingpools,andcustomerexpecta-tions.Thesechallengesmightresultinconstrainingtheofferingofsomeservicestoasubsetofdigitalcurrencies,ortakingothermitigationmeasures(describedlater).
2
CounterpartyRisk:DefaultfromOther
Participants
Theintrinsiccharacteristicsofdigitalcurrenciesmakethemakintoanon-transparentilliquidasset.Moreover,whileinprincipletheyaredecentralizedbydesign,liquidityischanneledviaaratherconstrainedsetofmarketpartici-pants(mostnotably,digital-currencyexchanges)thatforallintentsandpurposeshavebeensubjectthemselvestosignificantchallenges.Thechallengesforexchangesrangefromineffectiveinternalcontrolstoissuesmostlyrelatedtoproprietary-trading-stylefailures(insomecases,drivingtheseexchangestobankruptcy).Ifeithertheseexchangesorsomeholdersofadigitalcurrencycannotmeettheirobligations,orappeartobelikelytodefault,thevalueofthedigitalcurrencycandroprapidly.Aswithderivativesmarkets,lossesfromcounterpartyriskcanspreadrapidlyacrossadigital-currencyecosystem,creatingahighlevelofvolatilitythataffectsotherassetclassesaswell.Thisposesadifficultconundrumforfinancialinstitutionsfromacustomer-protectionperspective:customersareessentiallyholdinganassetthatisperceivedtooperateasacurrency(withmarketfluctuationsakintothoseintheforeign-ex-changemarket),buttheyareexposedtoaratherdifferentriskprofile,drivenbytheintrinsicnatureofthedigitalcurrencyandtheoperatingqualityoftheecosystemthatsupportsit.
BOSTONCONSULTINGGROUP+BCAPITAL+FALCONX06
3Illicit-FinanceRisk:QuestionableActors
Onecommonconcernaboutdigitalcurrenciesistheex-tenttowhichfraud,moneylaundering,pricemanipulation,anddeceptiveactivityareprevalent.Whileinabsoluteterms,theshareoffraudrelatedtocryptogloballyisnotlarge,itcanstillbematerial:accordingtotheFinancialTimes,cryptocurrencyscamsincreasedbymorethan41%inEnglandandWales(andpresumablyelsewhere)between2021and2022.Theriskofillicitfinancechallengesthecorebankingservicesofvaluecustodyandfraudprotection.
Practiceslike“rugpulls”—wherepromoterswithdrawtransactionsfromadigital-currencyofferingaftersellingit,therebydilutingitsvalue—arelikeconventionalpump-and-dumpschemes.Thedigital-currencymarket,inpartbecauseofitscross-jurisdictionalnature,doesnothavethesamelevelofprotectionsandcontrolsinplacethathaveevolvedoverhundredsofyearsinthefinancialservicesindustry.Butevenifallthesecontrolswereinplace,digitalcurrenciesaredesignedtosupportperson-to-persontrans-actions,withoutbanksorotheroversightgroupsasinter-mediaries.Thisexposesclientstotheriskoffraud.
4
RegulatoryRisk:ContinuouslyEvolvingLocalGovernmentThinking
Governmentsaroundtheworldaredevelopingnewrulesfordigitalcurrencies.TheSEC,forexample,initsJune2023lawsuitagainstBitcoinandCoinbase,named19cryptocurrenciesassecurities,therebysettingthestageforpotentialregulatorychanges.Theuncertaintiesaroundthiscasewillrequireattention,andaddincrementalcostsintheservicingofdigitalcurrencies.Moregenerally,theconstantlyevolvingnatureofdigital-currencyregulationsmeansthatcomplianceprofessionalsarepayingcloseattentiontoshiftsindirection,“skatingtowherethepuckisheaded.”
Banksandotherfinancialinstitutionshaveplayedarela-tivelylimitedrolethusfarinhelpingtoshaperegulatoryefforts.Withdigitalcurrencies,whereofferingstendtocrossmultipleregulatoryjurisdictions,theymayhavealargerroletoplayinthefuture.
(Seethesidebar“TheCall
forDigital-CurrencyRegulation.”)
5
SecurityRisk:VulnerabilitytoTheft,Loss,and
Attack
Ifnotproperlysecured,digitalcurrenciesarevulnerabletotheft,loss,andcyberattack.(AccordingtoChainalysis,alargeblockchain-analysisfirm,$3.8billionwerestolenfromdigital-currencybusinessesin2022,especiallyfromDeFiprotocols.Overall,illicitaddressessentnearly$23.8billionworthofcryptocurrencyin2022,a68%increaseover2021.)Intruderscanstealordepletedigital-currencyhold-ings,andtheymayalsocaptureprivatekeys(thecryp-tographiccodesusedtogainaccesstoholdings).Ifprivatekeys,passwords,orwalletsarestolenorlost,theirvaluemaybeunrecoverable.Manyoftheblockchain-intelligenceandanti-money-launderingmethodsdescribedlater,intherisk-mitigationsection,haveevolvedtomanagesecurityrisk.
Illicitaddressessentnearly$23.8billionworthofcryptocurrencyin2022,a68%increaseover2021.
Intrinsically,thecustodianmodelfordigitalcurrenciesisdifferentfromcustodyforanyotherassetclass.Inotherassetclasses,abankhasasingleomnibusstructuretomanagetheaggregateexposuretothemarket(thisistypicallydonewithretailsecuritiesholdings,forexample).
Withdigitalcurrencies,atthemostbasiclevel,banksprovidecustodytosafeguardthekeytotheholdings.Atamorenuancedlevel,bankscanprovidecustomerswithanongoingviewofthedigitalcurrency’sexposuretomarketrisk.Beyondthat,bankshavelimitedrecoursetosupportcustomers,makingdepositinsurancecostspotentiallyhigher.Amodelsimilartootherassetclasses,recognizingthecustomer’sfulllevelofmarketexposure,mightbepreferable.Forthcomingevolutionsofdigitalcurrenciesessentiallyaimatahigherlevelof“selfcustody”asapreconditionforpeer-to-peertransactions.This,inprinci-ple,couldreducetransactioncostsandofferajurisdic-tionalpaymentrailatthepotentialexpenseoftransferringcustodyrisktocustomers.
6
OperationalRisk:Complexity,SmartContracts,andNewTechnologies
Digitalcurrencieshavemoreunderlyingcomplexitythanothertypesofvaluestorageandtransfermechanisms.Typically,theyaresupportedbyfoundingcompanies(argu-ably,withthenotableexceptionofbitcoin),withcomplexandsomewhatopaquegovernancestructures(suchasdecentralizedautonomousorganizations).Also,theyofteninvolvenoveltechnologiesandbehavioralpatterns.Asaresult,it’spossibletolosetrackofalltheramificationsofhowthevalueofthecurrencyshouldevolve,alongwiththeconsequencesofanygiventradethatsupportsorunder-pinsdigitalcurrencies.Somedigital-currencyinvestorsmayhavebeencaughtunawarebythiscomplexity.
07MANAGINGRISKFORTHENEXTWAVEOFDIGITALCURRENCIES
TheCallforDigital-CurrencyRegulation
EvenbeforetheSECactions,manyobserverswerecalling
forstronger,clearerregulationandmoretransparency.Reg-
ulatoryagenciesaroundtheworldareintheprocessof
finalizingsuchregulationsoratleastaredevelopingplans
forthem.Also,inOctober2022,theFinancialStability
Board,aninternationalorganizationthatmakesrecom-
mendationsabouttheglobalfinancialsystem,proposed
stricterregulationofcryptoassets—inparticular,stable-
coins—amongthenationswiththe20largesteconomies
(theG-20nations).TheGlobalFinancialMarketsAssocia-
tionexpressedsupportforthisproposal,stating:“Ina
fast-evolvingandcompetitiveenvironment,itisimportant
forglobalstandardsettingbodiestopromotethecoordina-
tionofaneffectiveandalignedglobalregulatoryframework.”
Evenamongdigital-currencyfunds,thereisacallforstron-
ger,clearerregulationthathelpsinvestorsandbanks
reduceandmitigaterisk.Stakeholdersaskthatthecodes
andapplicationsbefair,andthattheregulationsreflecta
solidunderstandingofthetechnologyanditsvalue.
Regulatorsarewellplacedtoconvenetheconversations
thattheindustryneedsmost,withtherightpeopleinthe
room,readytolistentooneanother.Crypto-nativeinstitu-
tionsshouldbeincludedinearlydiscussions.Theyhave
theexpertiseandhands-onexperiencetorecommenda
feasibleapproach.
Regulatorswilldiscoverwithdigitalcurrencieswhatthey
havediscoveredwithmanyothertechnologies.Forevery
majornewtechnologicaladvance,abalancemustbestruck
betweenconflictingpriorities.Inthiscase,thosepriorities
includeinnovation,customerprivacy,andthetransparency
neededbylawenforcementtotrackillicitactivity.
Evenamongdigital-currencyfunds,thereisacallforstronger,clearerregulationthathelpsinvestorsandbanksmitigaterisk.
09MANAGINGRISKFORTHENEXTWAVEOFDIGITALCURRENCIES
Considerforking,whichtakesplacewhensomepartici-pantschoosenottofolloworrecognizetheoriginalcon-sensusprotocol.Instead,theyspinoutacompetingrecordoftransactions,asifcreatinganalternatetimeline.Eachpathmayhaveitsowntransactionrecord,controlledbyitsowncommunity.Insomecases,thisisdonedeliberately—tocreatenewcurrencies,forexample.Nonetheless,thepathsshareacommonhistoryandoftenassets.Thisproducesariskoflosingvalueorcontrol.
Anotheroperationalriskisanerrorinasmartcontract,acoretenetofmanydigital-currencyandotherblock-chain-relatedapplications.Insimpleterms,asmartcon-tractrepresentstheintentiontocodifyautomaticexecu-tionandprovidethecodesomesortofpowerofattorney.Forexample,asmartcontractmightspecifythatanauto-maticsaleofdigitalcurrencieswilltakeplaceunderpre-es-tablishedconditions(likeacomplexstandingorder).Ingeneral,derivativecontractscanbelinkeddirectlytodigi-tal-currencyinvestmentssothatoptionscanbeexecuteddirectlyandautomatically.Amistakeinthedraftingandcodingofthatcontractcouldleadtoanautomatictransac-tionthatwasnotintentional—andthatcouldleadtosubstantialaccidentallosses.Onceexecuted,thereisessentiallynorecourse.
7
ReputationalRisk:DamagetothePublicImage
Biglossesandmajormisstepsindigitalcurrencytendtobewidelyreportedevents.Withdigitalcurrencies,lossesresultfromexposuretotheecosystem,andunlikefiatcurrencies,theirperceivedstabilityisunrelatedtohowacountryorgovernmentperforms.Reputationaldamagemayresultfromthesuddencollapseofavendororex-change,theexposureofaminingscamorPonzischeme,amalwareoutbreak,therapiddeclineofutilitytokens,orbacklashagainstafraudulentinitialcoinofferingorwalletservice.Althoughsomethreatstoabank’simagemaycomefrompublicmisperception,muchreputationalriskreflectsdecisionsmadebyemployeesateverylevelofthehierarchy.
HowtoMitigateRisks
Bankscanmitigatetherisksofdigitalcurrenciesattwolevelsatonce:specifictoeachinvestment(“bottomup”)andoverall(“topdown”),withorganization-widecapabili-ties.
Exhibit2
showsrisk-mitigationstrategiesthatcanbedeployed.Typically,thesemeasuresaretablestakes,anditisunusualtoseeabankorotherfinancialservicesinstitu-tionadoptmorecomprehensivemeasuresanddosocon-sistently.Byputtingacomprehensivesetofcomplementa-rymitigationsinplace,financialinstitutionscanensurethatdigitalcurrenciesareofferedandleveragedeffectively.
Let’stakeacloserlookatinvestment-levelstrategies,andthenwe’llexaminemeasuresthatcanbetakenatanorganizationallevel.
BlockchainIntelligence(BI).Alsoknownasblockchainanalytics,BIisacornerstonecapabilityintrinsictodigitalcurrenciesandblockchainingeneral.Toalargeextent,itisthefoundationofdigitalcurrencies’enhancedcapabil-ities,especiallywhenitcomestogranulartransparencyandtraceability.
BIisusedbyCROs,riskexecutives,lawenforcement,andgovernmentregulatorstodetectandmitigateillicit-financeandcounterpartyrisks.Third-partyvendorsofferincreas-inglysophisticatedAI-basedtoolsandanalyticpracticesformonitoringdigitalcurrencies’blockchaintransactions.
BIisusedtodetectandmitigateillicit-financeandcounterpartyrisks.
Forexample,BIsystemscanusemachinelearningtodetectpatternsintransactionhistoriesthatareconsistentwithmoneylaunderingorillicitfinance.Thesesystemsoftenconnectdirectlywithlawenforcement,regulators,andcomplianceprofessionals,givingtheseauthoritiesvisibilityintoreal-timefinancialflows.Whenthereisaproblemwithacounterparty,investigatorscanidentifytherelatedtransactions.Thisgivesbanksmoreabilitytore-duceriskstotheircustomers.
Anti-money-laundering(AML)techniquesarewell-estab-lishedformsofBIorientedtowardcounterpartyandillicit-financerisks,includingthefinancingofterrorismandsanctionsnoncompliance.TherearesomespecificwaysinwhichkeyAMLcontrolsoperatedifferentlyinadigital-
currencyspace:
BOSTONCONSULTINGGROUP+BCAPITAL+FALCONX10
Exhibit2-StrategiesforMitigatingInvestmentRisks
Blockchain
intelligence
Asset
research
Assessment
ofvendorand
partner
relationships
Proof-of-stakeparticipation
Safestorage
Broader
mitigationstrategies
Buildinginstitutionalcapabilities
1.Marketrisk
2.Counterpartyrisk
3.Illicit-?nancerisk
4.Regulatoryrisk
5.Securityrisk
6.Operationalrisk
7.Reputationalrisk
Source:BCG/FalconX/BCapitalanalysis.
?KnowYourCustomer(KYC).KYCevaluatescompa-niesandinvestorswhentheyjointheblockchainordigitalcurrency.Itcontinuallycompilesknowledgeofen-tities’backgrounds,transactionalhistories,andexpectedfutureactivity.
?KnowYourTransaction(KYT).KYT,arecentlydevel-opedapplication,evaluateseachblockchaintransactionasithappens.Thisisessentiallytheprocessoftransac-tionmonitoring,extendedtotheecosystemlevel.Anef-fectiveKYTsystemcanverifyinrealtimethatatransferisnotgoingtoabadactororaknownsanctionedwallet.
Platformsanddashboardsfordigitalcurrencies,anotherimportantBIoffering,bringtogetherinformationrelatedtoallsevenriskcategories.Forexample,adashboardmightcomparecounterpartiestoseewhicharehighlyleveragedandcross-checkthosefindingsagainsttheseparties’KYCandKYTrecords.Thesedashboardsenablecontinuousimprovementofcrypto-relatedoperations.
BIalsoplaysaroleinthedeploymentofautomatedcon-trols.Theseallowbanksandotherfinancialservicesfirmstocontinuallymonitorandimprovetheirpractices.Auto-matedcontrols,forexample,canhelplimitexposure.Insomedigital-currencyinvestments,rapidliquiditymaynotbeavailable.Therefore,banksandinvestorsneedtokeeptheirexposurewithinthelimitsofacceptablerisk—evenifallthefundspassmusterafterassetresearch(discussednext).Asdiscussedpreviously,digital-currencyholderscanbehurtbythedominoeffectfromanotherfund’sorex-change’sfailure,eveniftheydon’tholdthatfundordobusinessonthatexchangedirectly.Thus,aswithanyriskyinvestment,anautomaticstop-lossandhedgingshouldbeconsideredasoptions.
AssetResearch.Alsoknownas“doyourownresearch”(DYOR)processes,assetresearchinvolvesexaminingtheintegrityofthebusinessbehindadigitalcurrencytoseewhetherinvestinginitisworththepossiblerisk,especiallygiventhepotentialvolatility.Thereshouldalsobefail-safeinternalauditsforalltransactionsandsmartcontracts,beforetheyarefinalized.
11MANAGINGRISKFORTHENEXTWAVEOFDIGITALCURRENCIES
Thoseconductingassetresearchshouldcloselyexaminethebusinessfundamentalsofthedigitalcurrencyanditssources(forexample,foundinginstitutionsoreventheexchangesthemselves),thefinancialhealthofthefirm,itssoftwareandagreementarchitecture,itsbalance-sheetstructure,provenance,andbusinessmodel.Oneindicatoroffinancialhealthisarobustancillaryrevenuestream.Thismightbeablockchain-as-a-ser
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