Research from The Block, has concluded that there has been $1.6 billion invested in companies that are focused on institutional custody services since 2012. The aggregate amount was spread across 46 separate deals, with 52% of these going towards early-stage companies. 2018 witnessed the largest total amount of fundraising at $703.6 million compared to $154.8 million and $127.5 million in 2019 and 2017 respectively.