In this updated report, we present a comprehensive analysis of the essential elements involved in a banking-grade custody solution for digital assets. The report covers the following key points:

• Multi-layer custody framework
• Security goals for digital asset infrastructure.
• Technology choice: HSM vs MPC with a preliminary perspective.

By examining these components, this updated report provides an up-to-date understanding of the critical aspects involved in establishing a banking-grade custody solution for digital assets.