@adonistracy
When projects secure institutional custody, clearing, or settlement partnerships, market access premium rises. Such integrations reduce counterparty risks, increase exchange listing likelihood, and attract larger capital pools. In valuation models, this can be reflected as a liquidity premium added to base intrinsic value. The adjustment can be quantified by benchmarking historical uplifts in tokens post-custody deals. Higher custody penetration typically reduces risk-adjusted discount rates, as it signals durability. However, investors must validate whether the partnership is operational or merely symbolic. Real, functional integration warrants a premium; mere announcements demand caution.
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