G4S, a well-known security firm, operating in over 90 countries now offers offline cryptocurrency protection services. The firm provides security services for cash, nuclear power plants, prisons, among others.
G4S To Protect Your Cryptocurrencies Offline
Lack of adequate security is one of the menaces the cryptocurrency industry is facing. Online cryptocurrency wallets and exchanges have been prominent with hacks recently. This creates confusion of appropriate measures to store cryptocurrency holdings. Also, this has been a significant factor among others, wading off institutional investors from the cryptocurrency space.
Alternatively, cold storage have been devised for the storage of cryptocurrency, which is technically safer when compared with online wallets and most cryptocurrency exchanges. However, this is also prone to theft.
Efforts to make the industry better and accommodating have seen different innovations to offer solutions to the menace of the industry. The recent attempt of this London-based firm could offer a permanent solution.
G4S, a security firm that has over 560,000 employees globally announced on Wednesday that it now offers a new service of providing high-security offline cryptocurrency storage to help protect assets from criminals and hackers. The service is already in use by an unnamed cryptocurrency exchange. The firm charges clients based on the number of different offline storage devices they want to use to store their private keys, while it utilizes its existing vault service.
According to the press release of G4S, it noted that cryptocurrency exchanges are already patronizing the firm for this service. A senior risk analyst at G4S risk consulting, Dominic MacIver, pointed out that the firm’s clients approached the firm to discuss the solution to their requirements because of G4S cash solutions is experienced in protecting high-value items and G4S risk consulting is experienced in developing bespoke solutions to complex challenges. Dominic further noted that in working with the company’s clients, the firm is continuously applying their expert knowledge of crypto assets and the firm’s best practice in physical security to a sector at the cutting edge of financial technology.