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Security firm G4S launches a crypto custody service

G4S has announced the launch of the crypto custody service

British company G4S, which provides services in the field of security, creates a service for storing and protecting digital assets.

This became known from the press release issued by the company this week. The main reason for the creation of the new service is the growing popularity cryptocurrencies. Representatives of the company said that the service will be an extremely safe offline storage, that helps customers can protect their assets from criminals and hackers.

This year, the cryptocurrency sector has experienced large losses due to multiple hacker attacks on exchanges and other platforms. In a recent report from blockchain security firm CipherTrace it is said that from January to October 2018 hackers managed to steal almost a one billion dollars.

According to a statement from G4S, the main goal of the new service is to address and reduce these risks. Representatives of the firm said that online wallets are very vulnerable to theft because they have the same level of security as home computers.

Dominic MacIver, a senior risk analyst at G4S, said:

"Our security solution is built on a principle of "vault storage". We take the assets offline, divide them into independent from each other and move the fragments in our repository, which are reliably protected from cyber criminals and armed robbers".

Recently institutional investors are increasingly paying attention to the cryptocurrency sector, thereby boosting demand for safer storage of digital assets. Therefore, the traditional financial companies and cryptocurrency startups are forced to launching custody services.

Last week, the US financial services company Fidelity Investments has announced the launch of a service for storing and trading digital currencies for corporate clients. In August, the largest investment Bank in the world Goldman Sachs also announced the creation of a similar platform for storage assets. In September, crypto security startup BitGo has received approval from US regulators for the provision of services for storage of digital assets.


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