G4S, a UK-based security company that traditionally specializes in cash storage for large institutions, has officially moved into cryptocurrency by offering a new offline vault storage service.
Over $1bn worth of #cryptocurrency has been stolen since 2017. Now G4S has developed an innovative new service offering high #security offline vault storage to protect assets from criminals & #hackers
— G4S (@G4S) October 17, 2018
According to the announcement, G4S has developed a security platform that combines consulting and cold storage offerings, which leverages multiple layers of security and robust protocols. G4S notes that its services are intended to address the rampant crypto robberies, which saw more than $1.1 billion stolen in the first half of this year.
“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 independently without value and store them securely in our high-security vaults, out of reach of cyber criminals and armed robbers alike,” said Dominic MacIver, a Senior Risk Analyst at G4S Risk Consulting.
G4S states it charges for how many different offline storage devices clients wanted to use to store their private keys, and that it is already providing this service to an unnamed cryptocurrency exchange based in Europe.
This marks the entrance of another major publicly traded company into the cryptocurrency space, building off the momentum of this week’s announcement that Financial services giant Fidelity Investments, which manages more than $2.6 trillion in client assets, will offer institutional-grade custody and trade execution services for digital assets.
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