British Security Firm G4S Emerged On The Cryptocurrency Custody Services Market

The British security firm G4S, known for its bank protection and securities transport services, announced that it would offer a new facility for the safekeeping of cryptocurrency holdings in offline vaults. The company explained, without giving many details, that its method of protecting cryptos consists of disconnecting them and then dividing them into fragments that, independently, have no value.

Dominic MacIver, a risk analyst at G4S, noted that the company’s customers had expressed concerns about a possible solution to raise the security levels of cryptocurrency holdings.

“Our security solution is based on vault storage. Not only that we disconnect the digital assets, but we also divide them into fragments that, independently, have no value. We store them securely in our high-security vaults, out of reach of cybercriminals and armed robbers,” said Dominic MacIver, Risk Analyst at G4S.

Through a press release published earlier this week on the company’s official blog, the company indicated, through its spokesman, that the arrival of crypto coins has as its objective “to redesign the fundamental architecture of money.” However, MacIver pointed out that this new panorama has come with risk situations.

British security firm G4S emerged on the cryptocurrency custody services market

In this regard, the G4S Risk Analyst, MacIver, mentioned that “the sector has attracted the same old threats as the financial systems, including thieves, swindlers, market manipulators, and many others.”

Cryptocurrency custody services have been increasing within the cryptocurrency ecosystem. Companies that make a living in this niche, as well as outside companies, are looking for an opportunity to do new business. In this new group of corporations, several announcements stand out. One of the most recent was made by the financial services firm Fidelity, which announced this week that, in 2019, it would enter the world of management services and custody of cryptocurrencies for institutions.

Among the companies in the cryptocurrency custody services ecosystem, there is BitGo, which on September 13th, received authorization to offer custody services through its subsidiary BitGo Trust. The safekeeping of cryptocurrency holdings is also common among large crypto exchanges like Coinbase.

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About the Author: Anna Galvez

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