By definition, a digital value can be stored without the help of an intermediary. However, the custody of crypto currencies for institutional investors is difficult to implement. Due to the regulatory nature of their business, the regulations require strict custody methods. Risks such as the security of digital assets, counterparty risk but also transaction efficiency must be taken into account in order to meet the requirements of the relevant supervisory authority.
Typically, funds work with qualified and licensed custodians who have processes in place to securely hold digital assets. Access is often regulated by multi-signatures (multisig). The custody platforms have various access and protocol forms, the latter to comply with compliance/audit regulations.