The storage of cryptocurrencies has always been an interesting topic. Many people believe that cold or offline wallets aren’t perfectly safe. So this has naturally been a problem for wealthy investors looking at cryptocurrencies. So far, security services haven’t been offering investors a reliable solution.
G4S, a United Kingdom security services company is willing to change that. The company has officially begun offering crypto custody services. These services are aimed to protect investors’ holdings of cryptocurrencies.
The announcement came earlier this week. According to the company, even though the market is not riding the same high as last year, cryptocurrencies are still seeing an incredible rise in popularity. Additionally, with the increasing amount of attacks on exchanges and companies, crypto investors want some extra security options. This new service has been developed to offer a very high level of offline storage.
With the huge amount of funds, which the crypto sector has lost this year, this is a very welcome service. The service will be aiming to reduce the risks to a minimum. Naturally, online wallets are more vulnerable to attacks and most investors aren’t willing to take that chance.
Security services need to constantly evolve
This allowed G4S to model their solution around the foundation of a vault storage. The security of the digital assets is increased by not only taking them offline, but also adding the element of fragmentation. Via this element, the assets will be broken into parts, which will hold no real value by themselves. For an extra layer of security, the different fragments are also stored separately.
With a rising amount of individual investors eyeballing the crypto sector, security decisions must be made. There is a greater-than-ever demand of secure digital asset storage and it is getting larger by the week.
Just last week, BitGo received an approval in the United States. This approval allowed the crypto security startup to act as a custodian for digital assets. Coinbase also announced a custody product. The product was designed to aid institutional crypto adoption. In any case, these security services will only increase due to the ever-growing number of attacks. Hopefully, these services provide investors with the much needed security to freely invest in and develop the crypto sector.
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