The latest name to enter the crypto world is the biggest security company, UK-based G4S that will be offering crypto custody services. This will lower the barrier and further boost the crypto adoption by institutional investors.
A vault storage for crypto from world’s largest security firm G4S
G4S, a multinational securities company is the newest addition to the crypto world. The world’s largest security company would be doing what it does best that is providing security by offering crypto custody services in order to protect digital assets from hackers and criminals.
The London-based company has operations in over 90 countries with over 570,000 employees along with having a primary listing on the London Stock Exchange. The firm that provides various security services announced that it has developed a vault for investors in the crypto space.
In this nascent and burgeoning industry, the criminals are rising at a fast pace mirroring the exponential growth of cryptocurrencies like Bitcoin, Ethereum, XRP, and Litecoin, to name just a few.
Forbes reported that the company is working with an unnamed cryptocurrency exchange. In its official announcement, Dominic MacIver, a senior risk analyst at G4S Risk Consulting states:
“Our security solution is built on a foundation of ‘vault storage’. We not only take the assets offline but break them up into fragments that are independent without value and store them securely in our high-security vaults, out of reach of cyber criminals and armed robbers alike.”
According to the reports of the cybersecurity firm Carbon Black, $1.1 billion worth of crypto has been stolen in the first half of 2018. Now, G4S believes, they are bringing a solution to this through their offline storage that provides a secure way of storing digital currency.
As per MacIver, the crypto sector faces the same threats as of financial systems such as market manipulators, scammers, and robbers among others for which G4S’s innovative security solution will provide protection by getting these assets offline and storing them in high-security vaults.
Goldman Sachs, Northern Trust, and JP Morgan are a few of the names that are already considering and exploring the crypto custody services. Additionally, Coinbase, a US-based crypto exchange has been offering its crypto custody services to institutional investors in the US and Europe.
As giants from the mainstream industries turn to provide cold storage solutions, this might not only lower the barrier to crypto adoption by institutional investors but further, give it a boost.
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.