IBM is one of the biggest, oldest and the most trustworthy of names when it comes to the world of technology. The company has been changing and innovating their offerings with the changing times. In an attempt to offer the latest tech solutions, the company is now tapping into the cryptocurrency custody business!
IBM has teamed up with Shuttle Holdings, a New York-based investment firm and the crypto-custody trial will commence later in March. The custody technology is built on IBM’s private cloud and will make use of IBM’s encryption technology, considered among the best in the business.
This is not the first time that IBM is trying their hands at the crypto-sector. The company has worked with the Stellar Foundation in the recent past. Moreover, IBM also developed the Hyperledger Fabric private blockchain for enterprises.
This technology has various applications. Among some of IBM’s potential clients are banks, financial firms, crypto-related investment funds, as well as High Networth Investors (HNIs) who want to store and secure their funds in a crypto-custody. Brad Chun, the Chief Investment Officer for Shuttle, commented:
“We have a list of selected clients that we are launching limited service with this month[…][The service is ] not open to the public yet and there is a wait list to get into our beta.”
IBM revealed this project during the Think 2019 conference which took place in San Francisco last month. Nataraj Nagaratnam, IBM’s CTO and Director of Cloud Security commented on the launch. He said that financial technology is changing the world - and digital assets need to be secured. He added that security is on the ‘top of the mind’ for many people in the finance industry.
Rohit Badlaney, the director of IBM’s ‘Z as a Service’ cloud solution also commented on this crypto-custody solution. He said that the Digital Assets Custody Service (DACS) is encrypted by IBM LinuxONE, stating that it is one of the most secure platforms.
Traditionally, crypto-custody was something that only wallet-makers or crypto-exchanges used to provide. However, of late, a number of tech firms have also begun to offer cryptocurrency custodial services. What has perhaps lured them towards it is the idea that big-money players (institutional investors) are soon expected to make a heavy investment in the cryptocurrency technology, and everyone wants to ensure that their product is out there before the bull-run begins.
Stay tuned with us at Cryptoground for more news stories and updates from the world of cryptocurrencies and the blockchain technology!