Although cryptocurrencies are rising in popularity, the sector is still pretty much a Wild West. Most of the sector lacks regulations and also there is rampant theft of crypto by hackers. In this view, the G4S secure vault storage for crypto is an important move by the global security company.
According to a statement on its website, the UK-based Group 4 Securicor is entering cryptoverse at a critical period. Further, the statement reveals that the new solution is as a result of client demanding for more crypto security.
Insufficiency of existing crypto wallets
G4S will draw from its experience in providing cash security solutions for a long time now. According to Dominic MacIver, Senior Risk Analyst at G4S Risk Consulting, the firm?s expert knowledge is what cryptoverse needs. In addition, MacIver says that G4S will rely on the knowledge of its clients in cryptocurrencies to offer best solutions.
?Working with our clients, we are continuously applying their expert knowledge of crypto-assets and our best practice in physical security to a sector at the cutting edge of financial technology,? he observes.
Despite the rising popularity of crypto, storage options are constantly proving difficult. The existing crypto wallets are quite susceptible to breach. Also, they involve complicated keys that oftentimes may get lost or forgotten. Although there are cold storage mechanisms available, the G4S secure vault storage for crypto seems better and more secure.
G4S secure vault storage for crypto to join a niche that is quickly gaining currency
According to the Financial Times, hackers have made away with over $1 billion worth of cryptocurrency this year. Further, the news outlet notes that tracing stolen crypto is next to impossible given that hackers operate anonymously. The underlying technology for cryptocurrency supports advanced levels of privacy that makes it difficult to trace dirty crypto.
Interestingly, the high rates of hacks are giving rise to a new sector that promises to expand even further in future. Cryptocurrency custody is one area even large banking institutions are making a foray into. Just like G4S, high-tech facilities like Vo1t are coming up to provide security for crypto.
According to Vo1t (pronounced ?vault?) founder, Miles Parry ?Vo1t have the technology, speed and security to keep digital assets safe.?