Anchorage Digital vs Paxos
Head-to-head Bitcoin custodian comparison - qualified status, insurance, cold storage, and fees
Quick Answer
Anchorage Digital and Paxos are both qualified custodians. Anchorage Digital runs a hosted custody model, while Paxos uses third-party.
At a Glance
| Metric | Anchorage Digital | Paxos |
|---|---|---|
| Qualified Custodian | Yes Tie | Yes Tie |
| Insurance Coverage | Lloyd's of London comprehensive policy | Crime insurance policy covering digital assets held in custody; additional coverage provided through Paxos Trust Company's NYDFS-regulated capital reserve requirements. |
| Cold Storage | 95%+ cold storage Tie | 95%+ Tie |
| Proof of Reserves | No | Monthly third-party attestations published for stablecoin reserves (USDP, PYUSD); custody asset attestations available to institutional clients on request. Winner |
| Custody Fee | Custom enterprise pricing based on AUM. Custody, trading, and staking fees quoted individually. Minimum $500K AUM. | – |
| Minimum Balance | $500,000 | None Winner |
| Audit Frequency | Annual SOC audits Tie | Annual SOC 2 Type II audit; ongoing NYDFS regulatory examinations Tie |
| Custody Model | Hosted Custody | Third-Party |
| Asset Segregation | Yes | – |
| Licenses | OCC Federal Charter (first crypto-native), BSA/AML compliant, SOC 2 Type II | – |
| Jurisdiction | United States (OCC-chartered federal bank) | New York, NY |
| Quality Score | 8.2 | 8.4 Winner |
| Multi-Sig Support | Yes Winner | No |
| Hardware Wallet Support | No Tie | No Tie |
| Institutional Services | Yes Tie | Yes Tie |
| API Access | Yes Tie | Yes Tie |
| Mobile App | Yes Winner | No |
| KYC Required | Yes | Yes |
| Bitcoin Only | No | No |
| Supported Assets | BTC, ETH, SOL, AVAX, DOT, MATIC, 40+ digital assets | Bitcoin, Ethereum, and major digital assets |
| Withdrawal Limits | Custom per-client limits | – |
| Established | 2017 | 2012 |
Key Differences
Proof of Reserves
Paxos publishes proof of reserves; Anchorage Digital does not. Proof of reserves lets you verify that client balances are actually backed, independent of the provider's own reporting. It does not prove solvency on its own, since it shows assets without necessarily showing liabilities.
Which Is Right For You?
Regulated US institutions seeking an NYDFS-chartered custodian with deep stablecoin and settlement infrastructure.
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Frequently Asked Questions
What is the difference between Anchorage Digital and Paxos?
Which has more insurance coverage, Anchorage Digital or Paxos?
Is Anchorage Digital or Paxos a qualified custodian?
Can I use both Anchorage Digital and Paxos?
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Custodian details (qualified status, insurance, cold storage, audit cadence, and fees) are sourced from provider disclosures and public regulatory filings, and reviewed by the 21Rates team.
Data as of May 1, 2026.
This comparison is for informational purposes only and does not constitute financial or investment advice. Insurance coverage is typically pooled across all clients rather than allocated per account, and policy terms, limits, and exclusions vary. Confirm current terms directly with each provider before depositing assets.