In the earliest days of human civilization, trade was conducted through barter—an exchange of goods and services directly between parties. Each person maintained custody over what they had to trade and what they received in return. Trust was personal, and transactions were simple. However, as societies grew and trade expanded beyond local communities, the limitations of barter became apparent. The need for a more flexible and reliable system led to the development of currency and the birth of banking.

The introduction of banking brought with it a fundamental shift: the custodial model. Instead of holding assets themselves, people began to deposit their wealth—whether in gold, coins, or eventually paper money—with trusted institutions. These banks acted as custodians, managing deposits and facilitating transactions on behalf of their clients. This custodial relationship was based on trust, with the understanding that the bank would safeguard the depositor’s assets and make them available when needed.