G4S To Provide High-Grade Storage For Cryptos
The company has developed a system that stores assets through fragmentation.
How G4S Crypto Storage Operates
Private security firm G4S based in London developed a system meant to provide storage services for cryptocurrencies. The plan will see cryptos reserved in an offline storage system. In terms of ranking, G4S is the largest firm in the sector. It has operations in more than 90 countries.
G4S confirmed the development through a statement. The firm acknowledged that cryptos are becoming popular and safety was key. The company said that it had developed a service that will curb hacking.
The news comes at a time when data indicates that cyber attacks linked to cryptos had increased by about 369% in 2017 compared to 2016. In the first quarter of 2018, such cases had soared by a whopping 689%.
According to Dominic Maclever from G4S, the service was developed after inquiries from clients. He said that clients were interested in securing high-value assets. Maclever pointed out that they are collaborating with clients to set up structures. He said that expertise offered by clients was a major asset.
Before joining G4S, Maclever served as a political security research expert at Janusia. He added that many people found offline preferable for crypto storage compared to online wallets which are susceptible to attacks.
Maclever further observed that in the recent times, physical attacks linked to cryptos have also been on the rise. Such developments show that the sector is still facing a serious threat on the security side.
Maclever further gave additional information about G4S’s cold storage. He said that once assets have been added to the system, they are taken offline where they are fragmented. The fragments are valueless and they are then forwarded to secure vaults. The vaults are designed in such a way that hackers can't access them. The vaults also provide security from physical robberies.
The official added that access to the vaults is restricted due to a number of protocols established by G4S. The firm has deployed multiple security layers that must be completed before access is granted. Before the fragmented assets can be used, all pieces must be assembled first via a unique security protocol developed by G4S.
With the growth of the crypto sector, many firms are coming on board with different security solutions. Recently, blockchain firm Cobo revealed that it had secured funding to enhance its operations in providing security to the crypto sector.