That puts it in a category of protection, as companies trading options or derivatives don't hold to commodity centrally they have a broker, or separate bank or service hold their assets knowing they can DO MORE TO PROTECT them.
Yes but those services all have legal contracts and follow strict rules to hold those commodities. Also I have work with hedge funds to secure their bitcoin holdings and while legally I can't comment how I did it or what software was used. They didn't rely on a company they knew that wasn't how bitcoin works.